China firm seeks damages over state control of British Steel
A Chinese steel giant demanded compensation from the United Kingdom government on Sunday, claiming thetakeover of its subsidiary, British Steel, was "outright robbery."
The UK government took operational control of British Steel last year, after owner Jingye Group warned that Britain's last factory capable of making steel from scratch was no longer financially viable.
What did Jingye say?
In a statement on social media on Saturday, Jingye threatened legal action against the UK government, accusing ministers of "trampling on international investment rules."
Describing the nationalization as "outright robbery," the Chinese firm said it "reserves all legal rights, firmly defends its lawful rights and interests, and will pursue full compensation through legal means to the very end."
"The...