14
Dec
01:39
Tewoo restructures bonds ahead of payment
Chinese steel and materials trader Tianjin Materials (Tewoo) became the first Chinese state-owned company to effectively default on an overseas bond last week. The issue is the latest permutation of the Tianjin-wide debt crisis, as well as the wider growth in bond defaults nation-wide, Kallanish notes.
Tewoo had been due to make a $300 million repayment on 16 December but had become increasingly clear it did not have the funds to do so. An earlier interest payme…
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Anonymous
Very good overview of the weekly steel market.
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