UK Refuses to Pay Jingye for Steel Takeover | Business and Finance News

British Steel’s nationalization has sparked a fiery standoff as its Chinese owner, Jingye, demands compensation and threatens international arbitration, calling the takeover “blatant extortion.” Labour MP Clive Betts is leading the charge against paying up, arguing the loss-making steelmaker has no real value and the government’s independent assessor was merely a gesture to appease Beijing. Experts like Mike Warburton echo the sentiment, calling compensation “madness” given the hundreds of millions in losses. With the UK government set to release draft compensation rules this autumn, tensions are rising — as China’s foreign ministry warns that how the UK handles this will shape global investor confidence. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/61b6139d3d272491