26
May
11:43
Shangang signs multi-billion debt-for-equity swap agreement
Shandong Iron & Steel Group (Shangang) signed a CNY 26 billion ($3.78 billion) debt-for-equity cooperation framework agreement with the Industrial and Commercial Bank of China (ICBC) on 25 May, according to Xinhua. This move could help Shangang decrease its asset-liability ratio by 10%, according to Shangang finance director Liu Dehua.
In 2017 so far China has seen six debt-for-equity swap agreements signed between major steel companies and banks. The target…
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Anonymous
Very good overview of the weekly steel market.
Anonymous