The Chinese Ministry of Commerce has responded to media inquiries regarding the UK government's move to nationalize British Steel.

In response to a question about the UK government's announcement on July 16 that it had passed legislation to nationalize British Steel, a company owned by China's Jingye Group, a spokesperson stated that China firmly opposes and strongly disapproves of the UK government's decision.

The spokesperson noted that British Steel had been operating at a loss for many years prior to its acquisition by Jingye Group. Following the acquisition, Jingye injected substantial capital into the company, enabling its continued operation and the preservation of jobs.

China asserts that the UK side, disregarding Jingye's significant contributions to the UK's economy and society, has forcibly taken control of the company and proceeded with nationalization under the guise of national security. This action severely undermines Jingye's legitimate rights and interests and significantly damages the confidence of Chinese enterprises investing in the UK.

The Chinese side urges the UK government to adhere to relevant international rules, earnestly fulfill its obligations under the China-UK investment protection agreement, treat Chinese-invested enterprises in the UK fairly and justly, and fully safeguard their legitimate rights and interests.

China will closely monitor developments, support Chinese enterprises in using legal means to protect their rights, and will take strong measures to resolutely safeguard the interests of Chinese companies.

Previously, on July 13, 2026, Jingye Steel Co., Ltd. issued a statement reiterating its position on matters related to British Steel Company Limited.

The statement expressed that despite Jingye's serious declaration on June 11, 2026, presenting the facts to the international community, the UK government has yet to provide any positive response to Jingye.

The company reiterated its solemn stance on two key points.

Compensation is a Fundamental Legal Right

Jingye contends that the UK government's enactment of the Steel Industry (Special Measures) Act has effectively taken over the operational and major decision-making rights of British Steel from Jingye, constituting a de facto expropriation.

The company asserts that receiving full compensation is a fundamental right explicitly granted to investors by law, not a contingent matter as suggested by the UK Department for Business and Trade's reported statement that any payout would be determined independently and only paid "if any, is payable."

Based on relevant bilateral investment treaties and the fundamental principles of expropriation compensation under UK domestic law, investors must be provided with "prompt, adequate, and effective" compensation for losses incurred due to government actions. There is no room for discussion on "if any," the statement argues.

Jingye Reaffirms its Firm Position

Firstly, Jingye demands that the UK government, based on two undeniable objective facts, provide prompt, adequate, and effective compensation for Jingye's total investment in British Steel.

The first fact is the significant inherent enterprise value of British Steel itself. Jingye argues that the UK government's escalating actions—from forcibly taking over operational control via emergency legislation to attempting to completely strip ownership through nationalization—fully demonstrate the company's value, which the UK government must acknowledge.

The second fact is Jingye's substantial financial investments over the past five years in British Steel's continuous operations, equipment upgrades, job security, and green transformation. All expenditures are documented and undeniable, and Jingye is determined to recover every penny.

Secondly, Jingye reserves the right to initiate further legal proceedings against relevant responsible parties in accordance with international and domestic law, exhausting all legal avenues to persistently and resolutely defend all its legitimate rights and interests.

Jingye expressed willingness to continue seeking a mutually beneficial solution with the UK side on a fair and lawful basis. The company firmly believes that respecting contracts and upholding fairness are the cornerstones for attracting international investment and revitalizing domestic industry.

The statement concluded that this matter not only concerns the legitimate rights and interests of Jingye but also affects international confidence in the UK's business environment and the fundamental expectations of the global industrial chain regarding the stability of cross-border investment.

Jingye Group is a global conglomerate primarily focused on steel, also engaged in steel deep processing, additive manufacturing (3D printing), new energy, robotics, international trade, and health tourism. It operates multiple production bases across China and employs approximately 40,000 people.

In 2025, the group's sales revenue reached 369.1 billion yuan, ranking 74th among China's top 500 enterprises and 292nd on the Fortune Global 500 list. It has been recognized with various honors including "Steel Enterprise Competitiveness A+ (Extremely Strong)" and "Enterprise Credit Evaluation AAA."

As a high-tech enterprise with a national-level enterprise technology center and a postdoctoral workstation, Jingye emphasizes innovation and R&D. Its main products include wide and heavy plates, cold-rolled and coated products, hot-rolled coils, and bar/wire rods.

Transitioning from manufacturing to manufacturing services, Jingye adheres to the philosophy that "producing excellent products is the best customer service." Its products have obtained various certifications and are exported to over 130 countries and regions, used in key domestic and international projects and by renowned companies across various industries.