Sand Dollar
Posted on Monday, November 10th, 2008 at 2:00 am
The largest private steel enterprises borrowing limit production of steel winter sand – sand steel, steel, steel prices – steel industry
2008 6 steel prices beginning in mid-winter slump caused by iron and steel, so China’s largest private steel enterprise, Jiangsu Sha Steel Group (hereinafter referred to as sand steel) have to face care. Currently, Sha Steel has taken a more substantial production and distribution of 5 billion yuan limit short-term financing bonds and other “winter” measures.
Sha Steel, a senior, said, compared to most domestic private enterprises and some state-owned steel enterprises, the current cash flow of sand steel is relatively optimistic about the situation, though tense than usual, but not broken. He said that the recent number of meetings within Shagang steel judged the current severe situation, but the meeting did not involve the basic cash flow problems.
9 20 that year, Sha Steel, Zhangjiagang City, through the Agricultural Bank of China branch, short-term financing bonds issued five billion yuan. These coupons are short one-year, interest rates about 5% lower than bank loan rates over the same period of about 2 percentage points.
Shagang level also confirmed that steel prices fell in mid-June, before the implementation of large-scale sand steel inventory clearance operations, the scale of payment, up to several billion dollars.
Clearly, these two initiatives to sand the face of the iron and steel steel winter have been greatly emboldened. In fact, in September, steel or even full of sand nearly 20% wage increase, the average annual salary of employees rose to 40,000 yuan by the 34 thousand yuan. Sha Steel executives explained that a raise is to boost morale, increase staff in the difficult times the cohesion, in order to further improve business efficiency. Alleged that no layoffs Sha Steel plans to introduce cameras and even plans for the steel industry slump and “out” people.
However, Sha Steel is also working with the country’s steel industry enterprises, has experienced a crisis and had to stop the pace of rapid expansion in recent years, and began to reflect the expansion of the gains and losses.
Steel area in the hinterland of sand Jinfeng Town, Zhangjiagang City, two dry river, the various cable companies a serious backlog. Cross-strait cargo area stack up to 200 meters stretch, green canvas wrapped piles of wire, while a large trucks also continued to add new products shipped to the wire here.
According Shagang sources, the scene about the backlog of nearly 200,000 tons wire, mainly into October, the downstream industry downturn, leading to significantly reduced orders for Sand steel wire.
However, Sha Steel said the wire is still small profit now, it does not intend to reduce the production of wire rod, and the sand through the production of steel wire to digest the contract Iron ore .
Zhangjiagang field exploration found the headquarters of a number of sand steel factory chimneys smoke in the normal, normal steel production staff said the sand, did not show a large area cut-off situation.
Sand above high-level steel is confirmed, nearly half a month or so, sand the headquarters of the hot coil of steel was cut more substantially. All of this production line planned to produce 4.5 million tons hot coil, reducing the final yield may reach one third. Upside down because of serious cuts costs, cost per ton of hot coil around 4,000 yuan, but only sold about 3,000 yuan.
According to its disclosure, sand Henan Anyang Iron and Steel Holdings, nearly 10,000 tons of its old factory production lines have been discontinued. In addition, shares of Pohang Steel Sha Stainless steel Has been a month ago was halted because Stainless steel The market fell very serious, hanging upside down production costs.
In addition, the relative holding of Jiangsu Sha Steel Yong Gang , Absolute control of Huai steel special steel, Changzhou Xin Reiter steel production is still normal, but does not rule out the future for a certain number of cuts.
For this sudden arrival of cold weather, sand steel when the family, and Sha Steel chairman Shen Wenrong leadership is on the sand of steel nearly two years to reflect the rapid expansion mode. Sand steel interior has been suggested that, if no large-scale cash the last two years, then sand the face of turmoil in the days of steel would be better than many. Reported, Shen Wenrong a new way of thinking changes, which rapidly expand from the original, into a “steel is not the bigger the better.”
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