Dongbei_Special_Steel

Dongbei Special Steel

Dongbei Special Steel

Chinese steel company

Dongbei Special Steel Group Co., Ltd. is a state-owned enterprise based in Dalian, Liaoning Province (the south most city of Northeastern China or Dongbei). It was owned by State-owned Assets Supervision and Administration Commission (SASAC) of the Provincial Government of Liaoning (46.1230%) and Heilongjiang (14.5191%), as well as a subsidiary of Liaoning SASAC (22.6839%) and China Orient Asset Management (16.6740%).[1]

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The company was formed by the merger of Dalian Special Steel (aka Liaoning Special Steel Group) and Beiman Special Steel Group (literally North Manchuria Special Steel) in 2004. Dongbei Special Steel became the holding company of the two steel maker, plus Fushun Special Steel, a subsidiary of Liaoning Special Steel Group.[1]

In 2016 the enterprise defaulted[2] several times. Chairman Yang Hua committed suicide in March 2016, four days before the first default.[3]

Subsidiaries

  • Dalian Special Steel Co., Ltd. (100%)[1]
  • Beiman Special Steel Co., Ltd. (58.63%)[1]
  • Shanghai Special Steel Co., Ltd. (99.67%) - wholesaler and retailer of Dongbei Special Steel in Shanghai City[1]

Equity investment

Dongbei Special Steel owned 38.58% stake in Fushun Special Steel (Chinese: 抚顺特殊钢股份有限公司), based in Fushun, Liaoning, as the largest shareholder. The shares of the company float in Shanghai Stock Exchange.[4]

References

  1. [1]
    "2014 Annual Report". Dongbei Special Steel Group Co., Ltd. (in Chinese). Shanghai Clearing House. 30 April 2015. Archived from the original on 2 October 2016. Retrieved 29 September 2016.
  2. [2]
    "China's Dongbei Special Steel defaults on $131M debt". Financial Times. 29 March 2016. Retrieved 29 September 2016.
  3. [3]
    Leng, Sidney (13 October 2016). "Major Chinese state steel maker starts bankruptcy process after failed debt-to-equity attempt". South China Morning Post. Archived from the original on 5 November 2021. Retrieved 5 November 2021.
  4. [4]
    "2015 Annual Report". Fushun Special Steel Co., Ltd. (in Chinese). hosted by cninfo.com.cn. 30 March 2016. Archived from the original on 2 October 2016. Retrieved 29 September 2016.
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