26
Jun
07:39
China disgraces Baosteel for previous illegal newly-added capacity
On 23 June China’s National Audit Office (NAO) publically called out Baosteel and Anshan Iron & Steel (Angang) for illegally adding new steel capacity over 2011-2015. Baosteel, Angang, Minmetals and Sinosteel also all received warnings from the NAO for failing to dispose of bad assets promptly, Kallanish notes.
According to the government notice, Angang invested CNY 603 million ($88.16m) over 2013-2014 on capacity upgrade projects which had b…
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Very good overview of the weekly steel market.
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