UK says British Steel's Chinese owners demanding millions

The UK government has revealed that British Steel's Chinese owners, Jingye, are demanding millions of pounds from the government. Jingye acquired the Scunthorpe plant in 2020 after the previous owner, Greybull Capital, went into administration. The plant was taken over by the government under emergency powers to prevent its collapse. The government claims that Jingye is now seeking compensation for the actions taken during the takeover process. The article does not provide specific details on the amount of money Jingye is demanding or the reasons behind their request. However, it highlights the ongoing tensions between the Chinese company and the UK government regarding the management and ownership of the steel plant. The situation underscores the complexities involved in the steel industry, where global ownership and government intervention can create challenges in maintaining a stable and sustainable operation.