Sinosteel's Corporate Activities in China

On August 20 10, the black hole of capital exchange between sinosteel and Shanxi Zhongyu broke out in the industry and was first exposed in June 2008. At that time, through the advance payment, the little-known Shanxi Zhongyu continuously occupied the funds of Sinosteel, with a cumulative amount of more than 6 billion yuan, of which about 2.6 billion yuan became "Zhongyu's debt to Sinosteel". Now two years have passed, although sinosteel tried to turn the tide by taking over Shanxi Zhongyu, it backfired. When Hebei Tangshan Guofeng Iron and Steel Co., Ltd. (hereinafter referred to as Guofeng Iron and Steel), the trustee entrusted by Sinosteel, resigned in June 2009, the debt owed by Shanxi Zhongyu to Sinosteel expanded to 3.8 billion yuan. Including the funds paid by sinosteel through Guofeng Steel's acquisition of Zhongyu equity, sinosteel's fallen funds in Zhongyu have reached as high as.

This inextricable "cancer" has overwhelmed Sinosteel, and these years are the most profitable golden period of iron ore trade, which not only leads to the stagnation of the listing process, but also may slide into a deeper abyss. What Sinosteel is eager to complete now is to find the receiver of Shanxi Zhongyu.

In the past two years, although Hebei Guofeng Iron and Steel, Gansu jiuquan iron and steel, Shougang and many other steel enterprises have contacted Sinosteel, they all left. Since the second half of 2009, Shanxi Taiyuan Iron and Steel (Group) Co., Ltd. (hereinafter referred to as Taigang) intends to reorganize Zhongyu, and the two sides reached a preliminary reorganization agreement. According to our reporter from sinosteel, the agreement has been blocked in the approval process. At the office meeting of Sinosteel, some people raised objections to this debt treatment plan.

Whether TISCO finally reorganizes Shanxi Zhongyu or not is not the end for Sinosteel, because the "black hole" of nearly 4 billion yuan will not be easily erased. It is reported that the Audit Commission has been stationed in Sinosteel and started to investigate the transaction between Sinosteel and Shanxi Zhongyu.

Sinosteel clearly responded to the rumor that the bank's loan principal and interest in Sinosteel were overdue by tens of billions of yuan, saying it was "untrue". But at the same time, Sinosteel admitted that the funds that should be returned did not arrive on time. The sinosteel financial report obtained by Caixin reporter shows that the accounts receivable in sinosteel surged, increasing by 3.658 billion yuan compared with 212.

Because Sinosteel has been in a difficult situation, the management has not reversed, and the leadership has also made adjustments in the near future. Caixin reporter learned from sinosteel that Jia Baojun, who was dying before, failed to lead sinosteel out of the predicament. Recently, the State-owned Assets Supervision and Administration Commission removed President sinosteel and Chairman sinosteel, and was transferred to a subsidiary of AVIC Import and Export Co., Ltd.; Liu Andong, the general manager of sinosteel who was in charge of finance, was promoted, but his specific position has not been announced.

2065 438+04. 9. 30 Regarding the future of Sinosteel, Xu, director of the research department of the State Council Research Center, said that SASAC would not fill the hole for Sinosteel because it did not meet the financial budget and there was no reasonable reason. "If Sinosteel cannot solve the debt problem, it may face bankruptcy or be merged and reorganized."