Business Brief (July 20): U.K. Nationalizes British Steel as Chinese Owner Cries ‘Robbery’

British steel nationalization

The U.K. government nationalized British Steel, which was previously controlled by China’s Jingye Group. Jingye said the move was “robbery” and a trampling of the international rule of law, noting that it reserves the right to seek compensation.

Auto industry competition

China’s Ministry of Industry and Information Technology held a meeting with key automakers, urging them to resist irrational competition and strengthen product testing and safety evaluations.