The WeChat official account “Jingye Group” released a statement titled “Jingye Steel Co., Ltd. Solemn Declaration” on July 19th.
Regarding the British government's forced takeover of Jingye Steel Limited (hereinafter referred to as "Jingye") under which it forcibly transferred its ownership, and illegal tax collection on United Kingdom Steel Company (hereinafter referred to as "Yin steel"), Jingye hereby makes a solemn statement:
In 2020, Yinggang was on the verge of bankruptcy. Jingde stepped in and legally acquired Yinggang, saving a century-old steel company from crisis. Just one year after the acquisition, Jingde achieved profitability through internal reforms and operational optimization. Over the course of five years, Jingde continuously invested substantial funds in upgrading equipment and adopting new technologies. By paying taxes fully, it created thousands of jobs locally and spurred the vigorous development of communities and related industries. Despite major challenges such as the pandemic, Brexit, the Russo-Ukrainian War, and soaring inflation, Jingde always kept its promises. It donated supplies and supported employees to overcome difficulties, ensuring stable operations and full payment of salaries—without laying off any employees or failing to pay any salaries. Jingde's practical actions have made a significant contribution to the continued development of Yinggang and the revitalization of the British steel industry.
After Zigelei acquired Insteel, the British government changed from 'committing to joint investment' to 'refusing to keep promises', and from 'forced takeover' to 'complete nationalization'. Their promises were completely broken, laws were blatantly violated, and their acts of betrayal were evident. Ignoring Zigelei's continuous investments and significant contributions, the British side only offered almost zero compensation.
Those who harm others will surely harm themselves, and those who lose trust will suffer retaliations. According to a report by the UK National Audit Office, by the end of January 2026, the British government had spent £377 million on the operation of Steel UK. By the end of June, the expenditure is expected to exceed £600 million, and by 2028, it may exceed £1.5 billion.
The actions of the British government are outright extortion and a blatant violation of international law. What the British government has done today destroys its own reputation, hurts the hearts of global investors, and undermines the foundation upon which a country is considered a legal nation. With the rule of law in such disarray, who would still dare to invest in Britain?
The rule of law must not be trampled upon, and the spirit of contract must not be desecrated. The professional advises the British government:
Immediately cease the actions of violating international investment rules under domestic laws, and compensate Jingde for all investment losses in a timely, adequate, and effective manner.
2. Professional dedication: All investments have clear records, and we will pursue compensation for every detail without compromise. Professional dedication has led to negotiations based on relevant bilateral investment agreements, and we retain all legal rights, including international arbitration, and will not make any concessions.
3. Professionalism represents the rights of British taxpayers. In light of the fact that the British government hastily took control of British Steel without any preparation or business plan, resulting in significant losses to both the taxpayer funds and the company's operations, legal responsibility shall be pursued according to law against the relevant government officials and the management of British Steel.
Jingsheng Steel Co., Ltd.
July 19, 2026
Chinese Ministry of Foreign Affairs spokesperson answers reporters' questions about the privatization of China Steel on August 18th.
Reporter asked: According to reports, the British government announced on the 16th that it had nationalized British Steel Company under the Steel Industry (Nationalization) Act. The company was previously controlled by China’s Jiebeng Group. A compensation mechanism will be established through secondary legislation, and independent evaluations of compensation matters will be conducted. British Prime Minister David Cameron said that this decision guarantees the future of the British steel industry and protects technological jobs. What is China's comment on this?
"The Ministry of Commerce of China has responded and you can refer to it. Spokesperson said that, "I want to emphasize that this matter has attracted the attention of Chinese citizens." How the British side handles this will directly affect the views of Chinese investors on the UK investment environment and influence the public's perception of the British government’s reputation."
The spokesman stated that there is an investment protection agreement between China and the UK. The legitimate rights and interests of investors must be fully protected according to the law. China urges the UK to truly respect market principles and the spirit of contracts, and to find solutions that are acceptable to both parties, including how to compensate. China supports companies in using legal means to protect their rights, and is closely monitoring the progress of the incident. If necessary, it will take measures to protect these rights.
