17
Apr
05:32
Chonggang suffers massive loss in 2016
Central China’s Chongqing Iron & Steel (Chonggang) suffered massive losses in 2016 while most other peers managed to return to profit. Chonggang lost CNY 4.69 billion ($680.44m) in 2016 and its debt-asset ratio hit 100.29%, although this was a slight improvement from the CNY 5.99 billion it lost in 2015, Kallanish notes.
Its annual report shows Chonggang’s liabilities are now higher than liquid assets, and some bank accounts have been halted trig…
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Anonymous
Very good overview of the weekly steel market.
Anonymous