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10 Chinese steel giants sign USD 22.93 billion in deleveraging agreements-The 19th China(Guangzhou)Int’l Metal
;&Metallurgy Exhibition-metal exhibition
9/20/2017 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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ASIA TIMES reported that ten steel giants, including Sinosteel, Wuhan Iron and Steel Corporation, Masteel and Hesteel have signed debt to equity framework agreements totalling 150 billion yuan (USD 22.93 billion). An industry insider reported that “The amount of debt which has been transformed to equities, accounts for only 4.2% of the total debt of major steel companies in China.”
The insider added that “Compared to other light industries, the debt ratio of steel companies is relatively high. It is difficult for state-owned steel giants to deleverage, because they need to avoid loss of assets as well as take into account the worker placement and local economy.”
According to the Wind terminal, 34 publicly listed steel companies have seen an average of 58% growth in their main business income for the first half of 2017, with an average 406% rise in net profits.
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