No that's theft and it's illegal.
As are many of the practices employed by companies involved in mining etc. Certainly according to UK law, and often within the countries the operations are carried out. Bearing in mind that in many countries, the 'law' favours the employers over the workers, and workers often have little or no recourse to legal action even if their employers are acting illegally. Is it ok to own products produced under such circumstances?
Point I'm making is that rather than get hysterical over what is relatively low-level crime, we should be looking at the bigger picture of what causes crime, and what creates criminality. Our insatiable desire for consumer products directly drives the exploitation of others, who are conveniently out of sight and mind. Truth is that we are all guilty of consuming products of human exploitation and maltreatment, so it's a bit hypocritical to treat bicycle thieves as low-lifes; they're just other layers in the whole exploitation system. The global bicycle industry isn't some cosy fluffy self-sustaining communal love-in; it's yet another part of global industry that creates enormous environmental, social and cultural damage. just because that exploitation doesn't harm you personally, doesn't mean it's not harmful.
It's ok to condemn the bike thief, as long as you condemn yourself equally for being a part of that exploitative cycle. If you didn't have a bike, the thief wouldn't be able to steal it.