China disapproves of British Steel nationalisation decision by UK
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Workers work at the British Steel site in Scunthorpe, Britain, on April 17.
PHOTO: REUTERS
- China strongly opposes Britain's nationalisation of British Steel and urges fair treatment for Chinese companies.
- China says the takeover disregards Jingye's contributions and damages its rights and interests.
- China will monitor the situation and calls on Britain to honour the China-UK Investment Protection Agreement.
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BEIJING – China said on July 17 it firmly opposes and strongly disapproves of Britain’s decision to nationalise British Steel and urged fair treatment for Chinese firms there.
Britain nationalised British Steel on July 16, fully taking over the loss-making company that was previously owned by Chinese steelmaker Jingye, in an effort to protect the future of steel production in the country.
The British side had “forcibly” taken over the company and “disregarded” Jingye’s contributions to the British economy and society, China’s commerce ministry said in statement.
The ministry said Britain’s move “seriously damaged” Jingye’s legitimate rights and interests, and “severely undermined” Chinese companies’ confidence in investing in Britain.
It said it would closely monitor developments and support Chinese firms in protecting their rights, urging Britain to fulfil obligations under the China-UK Investment Protection Agreement.
The statement did not say what protecting Chinese companies’ rights might entail. REUTERS