Expansion puts steel mills' financial condition at risk
By Wang Ying in Shanghai | China Daily | Updated: 2013-07-31 07:22
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The total debt of major Chinese steel firms rose 6.5 percent to 3 trillion yuan ($489 billion), according to a report by the Ministry of Industry and Information Technology. Provided to China Daily |
Domestic steel makers expanded their output blindly in the first half despite sliding profits, which led to a severely unbalanced demand/supply relationship and may damage their financial safety, a report warned on Monday.
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