LONDON (AP) - China has warned the U.K. government to treat the Chinese owners of British Steel fairly or risk undermining investor confidence in the country, two days after British authorities took control of the company.
China warns UK government to treat Chinese owners of British Steel fairly
LONDON (AP) - China has warned the U.K. government to treat the Chinese owners of British Steel fairly or risk undermining investor confidence in the country, two days after British authorities took control of the company.
China's Foreign Ministry made the comment on Monday as government-appointed managers raced to prevent British Steel from shutting down the last two blast furnaces in Britain that make so-called virgin steel from raw materials.
Parliament on Saturday passed legislation authorizing the government to take control of the company and its Scunthorpe steelworks from Jingye Group, which has owned British Steel since 2020. Jingye still owns the company but British authorities have taken control of day-to-day operations.
"We hope the British government treats Chinese enterprises investing and operating in the U.K. fairly and justly, protects their legitimate rights and interests, and avoids politicizing and over-securitizing economic and trade cooperation, so as not to affect the confidence of Chinese enterprises in investing and cooperating in the U.K.," Foreign Ministry spokeperson Lin Jian said during the weekly press conference in Beijing.