BUSINESS

U.K. Moves to Fully Nationalize Chinese-Owned British Steel

Published: May. 15, 2026 1:46 p.m. GMT+8

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Steam rises from the smokestacks of a British Steel plant in Scunthorpe, northeastern U.K. Photo: VCG

The U.K. government introduced a bill to parliament on Thursday that would allow it to nationalize British Steel Ltd., prompting China’s commerce ministry to urge London to protect the legitimate rights of the company’s Chinese owner.

The Steel Industry (Nationalisation) Bill grants the government the power to take British Steel and other steelmakers into public ownership if deemed necessary and in the public interest.

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UK introduced Steel Industry (Nationalisation) Bill to potentially nationalize British Steel, owned by China's Jingye, for public interest and steel sovereignty.
China's commerce ministry urges protection of Jingye's rights after 1.2B pounds investment since 2020 acquisition for 53M pounds.
British Steel reports losses (205M pounds in 2023), assets 788M vs liabilities 1.04B; UK govt took de facto control in 2025, spending 419M pounds.

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Who’s Who

British Steel Ltd.: British Steel Ltd., the UK's last virgin steel producer with 4.5 million tons annual capacity, was acquired by China's Hebei Jingye Group in 2020 for £53 million. Jingye invested £1.2 billion despite ongoing losses (£700,000 daily). Facing 2025 furnace closures, the UK government assumed de facto control and introduced a nationalization bill after failed sale talks. 2023: £205M loss, £788M assets vs. £1.04B liabilities.

Hebei Jingye Group Co. Ltd.: Hebei Jingye Group Co. Ltd. acquired British Steel in March 2020 for £53 million ($70 million), controlling 4.5 million tons annual crude steel capacity. It invested over £1.2 billion despite daily losses of £700,000. UK government seized de facto control in 2025 and is nationalizing it, prompting China's commerce ministry to demand protection of Jingye's rights.

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