Jingye Steel Urges UK to Compensate Investment Losses After British Steel Nationalisation
Jingye Steel's Response to British Steel Nationalisation
Jingye Steel Demands Compensation
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.
Claims of Insufficient Compensation
The British side "disregarded dedicated ongoing investment and significant contributions", offering "almost zero compensation", Jingye said in a statement on Sunday.
Financial Impact and Expenditure Estimates
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's Official Position
Monitoring and Potential Actions
China said it would closely monitor developments and will take appropriate measures to safeguard legitimate rights and interests if warranted.
Currency Exchange Rate
($1 = 0.7433 pounds)
Reporting Credits
(Reporting by Liz Lee and Beijing newsroom; Editing by Christian Schmollinger)
