WeChat official account “Jingjie Group” published a statement titled “Jingjie Iron and Steel Co., Ltd.” on June 11.
In regards to the British government's takeover and nationalization of our company's investment in British Steel Company (hereinafter "British Steel"), hereinafter referred to as "Yong-Ye," this statement is being issued.
In March 2020, Jiedeng acquired the near-bankrupting Steelworks, successfully saving this century-old steel company. Over the past five years, it has continuously invested large amounts of capital to upgrade old equipment, ensure payment of employees' salaries, pay taxes according to law, and create tens of thousands of job positions. Jiedeng has actively responded to the UK government's strategy of achieving net zero emissions by 2035 for companies that produce steel from iron ore. Despite the lack of support funds promised by the government, Jiedeng still invested funds on its own to promote the green transformation of Steelworks.
The above facts fully demonstrate that Jingde is a responsible and accountable Chinese private enterprise. Its investment activities are completely legal and compliant, and in accordance with market principles and international business practices.
Regrettably, the British government failed to fulfill its promise to support the steel industry in its green transformation. In April 2025, the British government took control of the steel industry through the Steel Industry (Special Measures) Act, stripping Jigsaw of its control, management, and rights to profit from its shares in the company. According to estimates by the UK National Audit Office, by the end of January 2026, the government had spent £377 million on this measure, with costs expected to exceed £600 million by the end of June. In May 2026, the British government announced that it would legislate for a complete nationalization of the steel industry. The Draft Steel Industry (Nationalization) Act has been published.
The company has made great efforts and sincerely sought assistance, urging the British side to properly address the issues related to Yinggang. However, the British government has not yet provided reasonable compensation. Recently, Jingye has initiated consultation procedures under the bilateral investment agreement with the British government, demanding that the British government respect objective facts and compensate Jingye for its investment losses in Yinggang in a timely, sufficient, and effective manner.
Being dedicated while retaining the right to initiate further legal proceedings against relevant parties in accordance with international and domestic laws, exhaust all legitimate avenues, and continuously and firmly protect all legitimate rights and interests.
We hope that the British government will adhere to its public declaration of respect for the rule of law and a rules-based international legal order. It is important that the British government uphold principles of fairness, justice, and objectivity. The UK should resolve the issues related to Yingqiang with prudence and responsibility, fully protect the legitimate rights and interests of Chinese companies like Yingqiang, as well as global investors, and firmly maintain the stability and credibility of the international investment order.
hereby declared!
Jingye Steel Corporation Co., Ltd.
June 10, 2026
On May 14th, a spokesperson for the Ministry of Commerce answered questions from reporters regarding the UK government's plan to nationalize the UK steel industry.
A reporter asked: Recently, British media reported that the British government would nationalize the British Steel Company under China National Group through relevant legislation. What is China's comment on this?
The spokesperson stated that we have taken note of the relevant reports. The British government has been taking over the British steel company from Chinese enterprises for over a year. The Chinese side’s stance and attitude have always been clear and consistent: regardless of what actions the British government takes, it is essential to fully consider the significant investment made by Chinese enterprises in the UK steel industry and their contributions to British economic and social development. We respect the wishes and market principles of these enterprises, do not abuse coercive measures, and actively seek fair and reasonable solutions that are acceptable to both parties. We hope that the British government will follow the principles of fairness, impartiality, and non-discrimination, make careful decisions, protect the legal rights and interests of Chinese enterprises, and maintain the favorable atmosphere that has been created in China-British economic and trade relations. The Chinese side will closely monitor the developments and take strong measures to safeguard the legal rights and interests of Chinese enterprises.
According to the introduction, Jingde Group is an international corporation that focuses on steel production, with additional businesses in steel deep processing, additive manufacturing 3D printing, new energy, international trade, and health tourism. The group has production bases such as Jingde Steel, Yingzhou Medium Plate Steel, Wulanhaote Steel, Guangdong Jingde Steel, Guangdong Yuebei Steel, Huaxi Special Steel, and Jiangsu Jingde Steel. It employs 40,000 people. By 2025, the group's sales revenue is expected to reach 369.1 billion yuan. It ranks 74th among the top 500 enterprises in China and 292nd among the Fortune Global 500 list.
