Jingye Group, the former owner of British Steel, has demanded compensation from the U.K. government for investment losses after the company's nationalization last week. The British government took control last year after Jingye considered closing the blast furnaces at the Scunthorpe plant. Jingye said Sunday the move damaged the U.K.'s credibility and spooked investors. The company has already started negotiations under bilateral investment agreements and reserves the right to international arbitration. An independent evaluation will determine if compensation is owed, according to British officials. The U.K. Department for Business and Trade says the nationalization saves jobs and ensures a domestic steel supply for key industries.