Debt soars at biggest Chinese mills in qtr.

May 14, 2013 | 11:23 AM |

Tags  China steel, steel mills, debt, China iron and Steel Association, Cisa, Steelinfo, Xue Heping, Angang Steel Shandong Iron & Steel Group

SHANGHAI — Debt held by China’s 86 largest steelmakers grew 6.3 percent in the first quarter to about 3 trillion yuan ($484 billion), underlining the tough state of market conditions.

Mills face increasing risks from a high debt-to-asset ratio, fueled by an expanding volume of short-term loans in the first quarter, a senior industry analyst said in a report published on the China Iron and Steel Association’s (Cisa’s) website.....

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