Shandong Steel suspended the reorganization of Japan Steel, Shandong Iron and Steel Industry suffered another setback

In the “structure adjustment” plan of the Shandong steel industry, the construction of Rizhao Steel Quality Base is the most important, and the promotion of Shandong Iron and Steel Group (“Shangang”) to acquire Rizhao Steel (referred to as “Japan Steel”) is a necessary step. . However, under the background of strict control of production capacity and energy conservation and emission reduction, the Rizhao Steel Quality Base has not been approved by the National Development and Reform Commission. At the same time, the plan to acquire Nippon Steel has repeated again.

On November 8, an insider of Nippon Steel confirmed that Shangang had decided to suspend the restructuring of Nippon Steel. “Shangang was dissatisfied with the assessment results, extended the transition period, and postponed the restructuring plan to the 'Twelfth Five-Year' period,” said the source. At the same time, Nippon Steel has shifted its work focus from asset evaluation to the formulation of a five-year development plan. “Du General (Dai Shuanghua, the actual controller of Nippon Steel) will not withdraw. If he wants to withdraw, he will not make this five-year plan.”

Why did Shanshan once again give up the new plan after changing the plan? On the surface, Nippon Steel is the weak side of this restructuring. In fact, with the current strength and situation of Shangang, Shangang does not have much choice, even to the point where it is difficult to move. At present, the national steel enterprises are subject to high cost pressure. Shangang's iron ore import dependence is over 80%. The high cost of the curse and the depressed steel market do not allow Shanshan Steel to have sufficient cash to buy out the daily steel.

Jinan Iron and Steel and Laiwu Steel are the main assets of Shanshan Iron and Steel Group. As of the third quarter of this year, the debt ratios of the two listed companies were 76.33% and 65.20% respectively, and the short-term liabilities alone reached 40 billion yuan. The capital chain is very tight. According to the latest assessment results, Shangang will have to pay about 8 billion to 10 billion yuan in cash for a one-time buyout of Nippon Steel's net assets. As of the third quarter, the total capital of Jinan Iron and Steel and Laiwu Steel Co., Ltd. was only 1.4 billion yuan.

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