The domestic steel companies are going through the long winter. Yesterday, the China Steel Association released data show that the profitability of the steel industry in the first half of only 0.13%, at a loss edge. Iron and steel enterprises are facing financial difficulties, the member companies in the first half of the financial expenses rose 37%, but the whole industry and not the funding strand breaks.
Recently, the media reported that Guangzhou Iron & Steel Group, nearly 10 commercial bank loans arrears of more than 3 billion yuan, the Chongqing Iron & Steel funding chain is undergoing a severe test. China Steel Association Deputy Secretary-General Qu Xiuli clear in answering reporters' questions, said: "Chongqing Iron & Steel chain of funding there are no major problems, mainly because of relocation, Guangzhou Iron and Steel also lead to large-scale production due to the relocation of corporate losses, leading to the funds appear problem, but not breaking. "
Financial difficulties and not just re-Steel and Guangzhou Iron and Steel. CISA vice president Zhang Changfu said that the first half of this year, China's steel enterprises face financing costs are high, funds are tight dual pressures of a considerable part of enterprise funds First, banks can not afford, two is no longer the loan interest over and more, discount larger interest payments, the loan is more difficult. "
Qu Xiuli summary of the financial difficulties of the iron and steel enterprises for two reasons: First, the market price of steel dropped significantly, resulting in the enterprise funds are tight, return; two high production costs, low level of profitability, cash flow difficulties.
Quxiu Li said: "Bank loans to the steel trade enterprise with caution in order to prevent risks, does have a steel trade enterprise loan funds to invest in other areas, this will lead to regulatory attention. But the banks will provide loans to effective iron and steel enterprises in the market. steel industry is not quite. "
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