Why does China's MOFCOM strongly oppose the UK's nationalization of British Steel?

China's MOFCOM strongly opposes the UK's nationalization of British Steel because, according to the statement, the UK government has 'wanton[ly] taken over' and nationalized the company — which is owned by China's Jingye Group — under the pretext of 'national security', despite Jingye having injected massive capital into the loss-making firm after its acquisition, thereby sustaining its operations and preserving jobs. MOFCOM emphasizes that this action 'seriously undermines Jingye's legitimate rights and interests' and 'severely undermines Chinese enterprises' confidence in investing in the UK.'

What was the financial and operational situation of British Steel before and after Jingye Group's acquisition?

Before Jingye Group's acquisition, British Steel had 'been suffering losses for many years'; after the acquisition, Jingye 'injected huge amounts of capital', enabling the company to remain operational and retain jobs — a contribution the Chinese Ministry of Commerce stresses that the UK government has ignored while proceeding with nationalization.

China's MOFCOM Strongly Opposes UK Nationalization of British Steel; Former Hungarian Foreign Minister Joins BYD

Jul 17, 2026

China's Ministry of Commerce opposed the UK's nationalization of British Steel, owned by Jingye Group, citing harm to Chinese investment confidence. Separately, a former Hungarian foreign minister joined BYD after finalizing a Hungary factory project during his tenure.

caixin

2026-07-17

China's MOFCOM Strongly Opposes UK Nationalization of British Steel; Former Hungarian Foreign Minister Joins BYD

China's MOFCOM Strongly Opposes UK Nationalization of British Steel; Former Hungarian Foreign Minister Joins BYD

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