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The former owner of British Steel has said it will pursue the British government for compensation after the loss-making firm was nationalised.

British Steel has been taken into public ownership in what the government said was a bid to "protect UK steelmaking".

Ministers have already spent hundreds of millions keeping British Steel afloat. Nationalizing the struggling steelmaker is set to cost taxpayers billions more, multiple steel industry figures.

Jingye, the Chinese company that bought British Steel out of receivership in 2020, rejected a £500 million offer of public money as talks with the government broke down.