Sinosteel’s one-month delayin bond and interest payments will not bankruptthis top-tier trading and investment companythat is heavily involved in China’s steeland related raw materials business, Chinesesteel market participants interviewed by Plattsagreed on Wednesday.“By definition, this is a default of payment,indicating that Sinosteel has been reallyshort of cash flow and it may be in financialdifficulty, but that is quite common inChina’s steel sector where most steel millsand trading houses are with at least a 60%debt-asset ratio on average, and this will notshut down Sinosteel,” a Beijing-based securitiesanalyst said.
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