Jingye Steel has started the formal process to obtain compensation from the UK government over its decision to nationalise British Steel.
After over a year of negotiations regarding a payout, Jingye Steel has now said it would seek to recover compensation via China’s bilateral investment treaty with the UK.
In June of last year, Jingye stated that it planned to recover over £700m in debts owed by British Steel.
The UK government took control of British Steel in April, with PM Keir Starmer saying the steelworks needed to remain open.
Source: The Guardian
