China's Jingye Steel urges UK to compensate its investmen…

China's Jingye Steel has called on the UK to cease violating international investment rules and to fully compensate the company for its losses related to the nationalization of British Steel. Jingye criticized the British government's offer of minimal compensation despite its substantial investments and contributions. The company highlighted that the UK's operational costs for British Steel had reached £377 million by January and expected them to exceed £600 million by June, potentially rising to £1.5 billion by 2028. China has indicated it will monitor the situation and act to protect its rights if necessary.

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BEIJING, July 19 (Reuters) - China's Jingye Steel has urged Britain to immediately stop "trampling on international investment ‌rules" and to promptly, fully and effectively compensate the company for all investment losses incurred in the decision to nationalise British Steel.

The ⁠British side "disregarded dedicated ongoing investment and significant contributions", offering "almost zero compensation", Jingye said in a statement on Sunday.

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The company also pointed out that the United Kingdom had spent £377 million ($507.18 million) to operate British ‌Steel ⁠as of the end of January, and expects that the amount would have exceeded £600 million by the end ⁠of June, with expenditures possibly exceeding £1.5 billion by 2028.

China said it would closely ⁠monitor developments and will take appropriate measures to safeguard legitimate ⁠rights and interests if warranted.

($1 = 0.7433 pounds)

Reporting by Liz Lee and Beijing newsroom; Editing by Christian Schmollinger

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China's Jingye Steel urges UK to compensate its investment losses

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