Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

UK offers to compensate China's Jingye Group after seizure of British Steel, Sky News reports

Published by Global Banking & Finance Review

Posted on March 7, 2026

1 min read

· Last updated: April 1, 2026

Add as preferred source on Google

UK offers to compensate China's Jingye Group after seizure of British Steel, Sky News reports

Finance Banking Markets

Global Banking & Finance Awards 2026 — Call for Entries

March 7 (Reuters) - The British government has made a proposal to pay compensation to British Steel's Chinese owner Jingye Group in a bid to unlock the impasse over the future of the UK's second-

UK Offers Jingye Group Compensation After Seizure of British Steel: Sky News

British Government's Compensation Proposal to Jingye Group

Background and Context

March 7 (Reuters) - The British government has made a proposal to pay compensation to British Steel's Chinese owner Jingye Group in a bid to unlock the impasse over the future of the UK's second-biggest steel producer, Sky News reported on Saturday.

Details of the Compensation Offer

The offer, which had been made in the last fortnight, is understood to have been worth less than 100 million pounds ($134.11 million), Sky News said, citing officials.

Verification and Currency Information

Reuters could not immediately verify the report.

($1 = 0.7457 pounds)

Reporting Credits

(Reporting by Disha Mishra in BengaluruEditing by Tomasz Janowski)

Key Takeaways

The government’s recent offer—under £100 million—is far below Jingye’s earlier £1 billion compensation request (theguardian.com).
Jingye remains the legal owner but operations at the Scunthorpe steelworks are controlled by the government under emergency law (apnews.com).
British Steel has suffered heavy losses—about £700,000/day—and the government has already spent hundreds of millions supporting it (apnews.com)

References

Frequently Asked Questions

Why is the UK government offering compensation to Jingye Group?

The UK government is offering compensation to Jingye Group to resolve the deadlock over the future of British Steel after its seizure.

How much is the compensation offer to Jingye Group?

The compensation offer is reported to be less than 100 million pounds, or approximately $134.11 million.

Who owns British Steel?

British Steel is owned by Jingye Group, a Chinese company.

Has the compensation report been verified?

Reuters has not been able to immediately verify the compensation report.

What is the significance of British Steel in the UK?

British Steel is the UK's second-biggest steel producer, making its future significant for the British steel industry.

More from Finance

Explore more articles in the Finance category

Fertiliser plant in Russia's Vologda region damaged in Ukrainian drone attack, governor says

Close Brothers will not take legal action against Britain's car finance redress scheme, Sky News reports

Germany's far-right AfD rises to record 28%, INSA poll shows

German government suspects Russia of Signal attack targeting politicians, sources say

Romania finds parts of second drone after overnight Russian attack on Ukraine

China condemns EU's inclusion of Chinese entities in sanctions package against Russia

Russian parliament speaker in North Korea to mark Pyongyang's troop deployment in Ukraine war

Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages

France's Macron says EU mutual assistance clause is unambiguous

US to let Venezuela pay Maduro's lawyer in drug trafficking case

Italy votes down equal parental leave while fathers redefine their role online

German auto industry faces even tougher competition as China economy slows

View All Finance Posts

UK offers to compensate China's Jingye Group after seizure of British Steel, Sky News reports

UK Offers Jingye Group Compensation After Seizure of British Steel: Sky News