Following the acquisition of the British Steel plant, previously owned by the Chinese corporation Jingye Group, by the UK government, the Secretary of State for Business and Trade, Jonathan Reynolds, remarked today that the government’s prior decision to permit the sensitive steel industry to be controlled by a Chinese entity was, in fact, excessively “naive.”

According to AFP, the British Steel plant situated in Scunthorpe, Northern England, employs a significant number of workers and stands as the sole remaining steel manufacturing facility in the United Kingdom capable of producing raw steel. This production is essential for various industries, including construction and railway transportation.

Jingye Group previously stated that the operations of the steelworks at the Scunthorpe facility were no longer economically viable. The UK Parliament enacted an emergency bill yesterday to avert the closure of the facility and subsequently declared the takeover of the company, which may lead to its nationalisation.

In 2020, Jingye Group completed the acquisition of British Steel, announcing an investment exceeding £1.2 billion (approximately NT$50.8 billion) to sustain operational activities. However, the company continues to encounter daily financial losses estimated at £700,000 (approximately NT$29.65 million).

Reynolds conveyed to Sky News today, “As a nation, we have made erroneous decisions in the past.” He attributed responsibility to former Conservative leaders for permitting Chinese companies to manage sensitive infrastructure, asserting that “we have exhibited excessive naivety concerning these issues.”

Reynolds underscored the necessity of achieving equilibrium, asserting that certain industries possess a greater degree of sensitivity than others, and that a substantial portion of the trade between the United Kingdom and China transpires in non-contentious sectors.

Nevertheless, Reynolds also expressed his belief that the Chinese government does not explicitly desire the closure of the plant, stating, “I am not accusing the Chinese government of directly intervening in this matter.”

He stated, “Indeed, I believe they would comprehend the rationale behind our inability to accept that proposal, as it would lead to the erosion of vital national capabilities. Therefore, I am not implying any form of foreign interference.”

He subsequently disclosed to the BBC that Jingye Group had formerly declined a support package amounting to approximately £500 million, instead soliciting an amount exceeding double that figure, whilst nearly assuring the continued operation of the steelworks.