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RMB 760 Billion Liability Mashes China Public Steel Corps.
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2013-05-22
When it comes to the severity of adversity faced by China steel industry, the figure "RMB 759.4 billion" may give us a clue. On May 21, Deputy Chief Secretary of China Steel Logistics, part of China Federation of Logistics & Purchasing (CFLP), said that the current liabilities of 30 public domestic steel corporations total RMB 759.4 billion up until Q1 of 2013.
That figure is confirmed with the financial reports of the above-mentioned corporations, and a new discovery is that the figure is RMB 269 billion more than the previous period. Current liabilities are the total debts of a corporation within one business cycle, and are an indicator to evaluate the amount of short-term debt of a corporation. China steel industry has got trapped in the swamp of over capacity and low price, and current liabilities becom another factor for the dim steel market. However, current liabilities has already show minor drop in the following 3 corporations: ANSHAN IRON & STEEL GROUP CORP.（000898.SZ）, BAOSHAN IRON & STEEL CORP.（600019.SH）, and WUHAN IRON & STEEL CO.（600005.SH）.
