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China Warns UK Over British Steel Nationalization

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China's Foreign Ministry urged the U.K. to respect market principles and seek a mutually acceptable solution, including compensating Jingye Group, after London nationalized British Steel, a spokesperson for the ministry said on Saturday.

The spokesperson warned that the nationalization, which stripped Jingye Group of control of British Steel, would directly affect Chinese investors' confidence in the U.K.'s investment climate and public perceptions in China of the British government's credibility, citing the China-UK Investment Protection Agreement.

Meanwhile, Jingye Group urged the U.K. to stop violating international investment rules and fully compensate the company for its investment losses, adding that its ongoing investments and contributions were disregarded and the U.K. government offered "almost zero compensation," Reuters reported.

Jingye Group did not immediately respond to' request for comment.

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