China hits out at British Steel nationalisation

China has hit out at the nationalisation of British Steel, saying it firmly opposes and is strongly dissatisfied with the British government's decision. On Thursday, the UK government said that taking the loss-making firm into public hands would protect jobs and safeguard a vital national capability. The UK took control of British Steel's operations in Scunthorpe last year, though it was still owned by China's Jingye Group, limiting the government's ability to steer its future. China's commerce ministry said on Friday that the moves seriously infringed upon Jingye's legitimate rights and interests and severely undermined the confidence of Chinese companies investing in the UK. It also called on Britain to faithfully fulfil its obligations under the China-UK Bilateral Investment Treaty. Disregarding Jingye's significant contribution to the UK economy and society, the British side forcibly took control of the company in the name of national security, the ministry said.