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Steel Industry Tries To Find New Way To Get Rid Of The Economic Woe

In the steel industry overcapacity and intensified competition in the background, the main business will be transferred to the financial industry, iron and steel enterprises can become a new way to get rid of their own predicament it?
May 18, Valin Iron & Steel (000932.SZ) announced that the current is planning a major reorganization of assets, apply to continue suspension notice. Among them, the initial restructuring program for the sale of its steel-related assets, and the acquisition of financial and energy generation etc. strong profitability of assets.

Our reorganization is actually our assets as a replacement, two steps at the same time, will displace some bad assets and then inject quality assets into the listed company, is not a simple sale. * ST Shaogang Securities Department said, "Baosteel replacement in the company under the actual control of the inside, the actual control has not changed."

And this is part of a major reorganization of assets, if it reaches the standard backdoor that backdoor, but to see how they like the program, is not known. Out of the program, and also approved by the Board and, finally, by the general meeting of shareholders. "* ST Shaogang Securities Department responded.

"Daily Economic News" reporter several phone calls asking if Valin Iron & Steel has such a plan, but no one answered the phone in the state.