China Blasts UK Over British Steel Nationalisation: "Severe Blow" to Trust
China Blasts UK Over British Steel Nationalisation: "Severe Blow" to Trust
China's Ministry of Commerce declares 'strong dissatisfaction' with the UK's nationalisation of British Steel, asserting it deals a 'severe blow' to Chinese investment confidence. Get the full story on this international
The United Kingdom's recent decision to nationalise British Steel has ignited a fiery response from China, which has voiced "strong dissatisfaction" over the move. This development comes 15 months after the UK government first intervened to prevent the closure of the Scunthorpe steelworks, a move initially aimed at safeguarding 4,000 jobs and crucial steel production.
On Thursday, British Steel was officially brought under public ownership. The Department for Business and Trade emphasized that this measure was vital to sustain steel production at the company's Scunthorpe site in Lincolnshire, ensuring the company's future and protecting UK supply chains.
However, China's Ministry of Commerce (Mofcom) has sharply criticised the action, stating it has dealt "a severe blow to Chinese companies' confidence in investing in the UK." British Steel was formerly owned by the Chinese company Jingye, and the nationalisation follows Jingye's earlier threats to abandon the company without preserving its blast furnaces.
According to a Mofcom spokesperson, speaking to Chinese media outlet Global Times, "The UK side, disregarding Jingye Group's important contributions to the British economy and society, forcibly took control of British Steel and subsequently nationalised the company in the name of national security, seriously undermining Jingye's legitimate rights and interests and dealing a severe blow to Chinese companies' confidence in investing in the UK." China has unequivocally declared its firm opposition and strong dissatisfaction with the UK's actions.
