28
Apr
06:51
China's Yigang files for bankruptcy
China's Gansu Jiugang Hongxing Iron & Steel (Hongxing) announced that its 90%-owned subsidiary Jiugang Group Yicheng Iron & Steel (Yigang) applied for bankruptcy liquidation on 27 April 2018. Yigang had reduced capacity by 1.7 million tonnes capacity in October 2017.
At the end of 2017, the total assets of Yigang were worth CNY 337.71 million ($53.33m). Total liabilities meanwhile were CNY 1.29 billion, leaving net assets at a negative CNY 952.8…
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Anonymous
Very good overview of the weekly steel market.
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