China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Wuhan Iron and Steel (Group) Corp. (WISCO), controlling shareholder of Wuhan Iron and Steel Co., Ltd., expects to produce 35.27 million tons of pig iron, 36.31 million tons of steel and 36.9 million tons of steel products in 2012, down by 0.95% YoY, 3.63% YoY and 1.47% YoY, respectively.
WISCO also expects to achieve sales of CNY 200 billion (USD 32.01 billion) in 2012.
The group recorded sales of over CNY 210 billion (USD 33.61 billion) in 2011.
Source (Chinese): Steelorbis via BrightWire News.
