Chinese company demands compensation from the UK over British Steel nationalization

BEIJING (AP) — The Chinese company that formerly owned British Steel demanded Sunday compensation from the U.K. government for investment losses following the nationalization of the manufacturer last week. The British government took operational control of the company last year after Jingye Group said that it was considering closing the blast furnaces at its Scunthorpe plant in northern England, the last in the United Kingdom to make “virgin steel” from raw materials. Jingye Group said in a WeChat statement that the nationalization move tarnished the credibility of the British government, spooked international investors and caused great losses to the company’s…