A year and a half ago, Chongqing Iron and Steel Corp (CISC) ...
), China’s oldest steelmaker, was rescued from the brink of bankruptcy in a deal hailed as a shining example of how struggling state companies can be revamped.
“Some in the West used to call steel a sunset industry, but I want to tell everyone that there’s no such thing as a sunset industry that is still increasing its assets,” Four Rivers chairman Zhou Zhuping said in a speech last November. In recent years, it has struggled to compete in an increasingly crowded market, and by 2017 it was on the brink of shutting down before a rescue deal restructured 40 billion yuan of debt.
As a specialty shipping plate manufacturer, the firm also faced much higher logistics costs than its rivals, and it was unable to meet local demand for the cold-rolled steel used by auto and home appliance manufacturers.
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