Arab Today, arab today china steel firm defaults after chairman found dead
Last Updated : GMT 22:01:08
Arab Today, arab today
Arab Today, arab today

China steel firm defaults after chairman found dead

Arab Today, arab today

Arab Today, arab today China steel firm defaults after chairman found dead

China makes more steel than the rest of the world combined
Shanghai - AFP

A Chinese steel company has defaulted on an 852 million yuan ($131 million) bond payment, days after its chairman was found dead in an apparent suicide.

Dongbei Special Steel Group Co. said late Monday it was unable to pay the interest or principal due on a one-year bond, while another 1.01 billion yuan on a shorter-term bill due next week was also "uncertain".

The company said last week that its chairman and Communist Party chief Yang Hua had been found hanged at his residence in a case now under investigation. The company statement has since been removed from its website.

As China's growth slows to its weakest level in 25 years, the country has been hit by a series of corporate defaults. The steel sector, already burdened by overcapacity, has been especially hurt as demand slows.

State-owned Dongbei Special Steel, headquartered in the northeastern city of Dalian, makes different types of steel including products for the automotive industry.

China makes more steel than the rest of the world combined, and the government plans cuts of up to 150 million tonnes in production capacity over five years.

One of China's largest steelmakers, state-owned Wuhan Iron and Steel, plans to shed up to 50,000 jobs, as the government struggles to reduce overcapacity while growth in the world's second-largest economy slows.

In April last year power equipment maker Baoding Tianwei Group Co. failed to make a coupon payment of 85.5 million yuan, in what was said to be the first bond default by a state-owned firm.

Also last year privately-owned technology firm Cloud Live Tech Group was unable to pay both principal and interest on a five-year, 480 million yuan bond issue sold in 2012.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china steel firm defaults after chairman found dead Arab Today, arab today china steel firm defaults after chairman found dead

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china steel firm defaults after chairman found dead Arab Today, arab today china steel firm defaults after chairman found dead

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday