According to Euronews, the UK government announced on Thursday that it has passed legislation to nationalise British Steel. The company, which was previously owned by China’s Jingye Group, is being taken into state control to protect the nation's domestic steelmaking capacity. This intervention follows a move by Jingye Group to shut down the company’s blast furnaces.
In response to the legislative announcement, China stated that it firmly opposes the nationalisation. The move marks a significant shift in the ownership and management of the steel producer as the UK government seeks to secure the future of the industry.
Source: Euronews. Read the original report ↗