International Steel Mills
March 29, 2016
18th Largest Mill in the World Cannot Repay $29.6 Billion in Debt
Written by Sandy Williams
Bohai Steel Possible Test Case for China Steel Industry Restructuring
The slowdown in China’s economy along with the push to reduce excess steel capacity is putting financial stress on the country’s banking system. Bohai Steel Group Co., a fully state-owned steel producer in the Tianjin province, is one of those who are struggling to make payments on staggering debts. Bohai owes 192 billion yuan (US $29.6 billion) to the Bank of Beijing and 105 other creditors and is unable to make full repayment.
