China firmly opposes UK nationalization of British Steel

China said on Friday it ​firmly opposes and strongly disapproves of ‌Britain's decision to nationalize British Steel and urged fair treatment of Chinese firms ​in the UK.

British Steel was owned by Jingye Steel, a private Chinese steel company that injected a massive amount of capital into the business after taking it over, keeping it afloat after years of losses.

The British side has forcibly taken over the ​company under the pretext of national security and disregarded Jingye's contributions to the ​British economy and society, a spokesperson for China's Ministry of Commerce said. 

Britain's move seriously damages Jingye's legitimate rights and interests, and severely undermines Chinese companies' confidence in investing ​in Britain, the spokesperson added. 

​China said ⁠it would closely monitor developments and support Chinese firms in ​protecting their rights, urging Britain ​to fulfil obligations under the China-UK investment protection agreement.

Jingye has said it is seeking full compensation for its investments in the company; the UK government said an independent assessment would determine any compensation.