In China's iron and steel industry " Deleveraging " Starting year of China iron and steel Association ( Hereinafter the " Association ") Has twice organized " Deleveraging " Related meetings. 2 months ago, CISA, steel industry , " deleveraging " is targeting: in 3-5 the year to reduce the average asset-liability ratio of the iron and steel industry 60% The following.
News from the CISA website that the surging recently, according to steel coal production capacity requirements of the Inter-Ministerial Joint Conference of the State Council, at the China Banking Regulatory Commission, under the guidance of China Steel Association was held in maanshan, Anhui typical iron and steel enterprise " Deleveraging " Exchange forum. Conference focuses on current iron and steel enterprise " deleveraging " facing difficulties and problems, and discuss further " deleveraging " and promoting market-oriented measures and ways of debt-for-equity exchange " Deleveraging " Typical iron and steel enterprise in the capital structure, the proportion of loans in the debt structure is too high, and so on.
CISA Vice Chairman Gu Jianguo said at the meeting, iron and steel enterprises to leverage overall design, in conjunction with deepening the reform of State-owned enterprises, should the typical iron and steel enterprise based on industry development planning, product positioning and location of enterprise and research appropriate to the actual situation " Enterprise policy " Deleveraging program, and based on the actual working of the iron and steel enterprises to leverage measures and methods.
Gu Jianguo noted that the current focus is solving part of the typical iron and steel enterprise loan structure, in typical iron and steel enterprise in accordance with the steel production capacity of coal to the Inter-Ministerial Joint Conference requirements, serious provides long and short loans and off-balance sheet loans information data as soon as possible to optimize the loan structure the programme of work.
China Banking Regulatory Commission regulations at the meeting, Zhang jinsong, Deputy Director of the Department said, the next step, the China Banking Regulatory Commission will in conjunction with the CISA to optimize loan structure, leverage, and financial claims and debts which discussed the disposal of.
According to statistics, as of 2017 Year 3 The month, the asset-liability ratio is as high as China's iron and steel industry 69.97% , Above 2016 Year 69.6% The average debt ratio. In the past 16 years, the steel industry average debt ratio has fallen from 48.92% increased from 69.6%.
High rate means that the steel companies of assets and liabilities to bear a greater financial burden. Past 2016 year, Association member companies to financial expenses 891 billion, financial costs per ton of steel more than 140 Yuan, tons of steel than before the financial crisis to nearly 100 financial expenses accounted for three items of expenditure 35% 。 CISA Liu Zhenjiang, Party Secretary and Secretary-General Mills benefit poor and " high leverage " compared to a twin of a vicious cycle," interest is not up, debt interest into debt, it becomes ' Snowballing gurus ' debts ".
CISA 4 Month 26 2017 First press conference also stressed that the iron and steel enterprises and long-term loans is very serious. Whether it's relocation of companies, also is expanding the production scale, product structure adjustment, increase investment in non-steel, implemented mostly through borrowing. Steel overcapacity and the market situation is bad, too much too burdened with debt tends to make the enterprise was, struggling, even in some enterprises debt burden continued to build momentum.
Public figures 2017 First quarter of the year, Association member companies to financial cost has reached 220 Billion. Compare 2016 year financial data, financial burden did not decrease. In addition, under the influence of lending to rein in steel mills, iron and steel enterprises are faced with continued credit problems such as difficulties and loan.
In fact, in the past 2016 Years, although " To capacity " Become the primary task of the iron and steel industry, but " Deleveraging " Has also started to study. 2016 year of 12 months, the China Banking Regulatory Commission, the national development and Reform Commission, jointly issued by the Ministry of the coal industry of steel resolve the excess capacity the opinions of financial creditor's rights and debts.
2017 Year 3 Month 9 Japan, China Steel Association held in Nanchang, Jiangxi iron and steel industry " To leverage, risk prevention, and increase efficiency " Seminar on the steel industry " High leverage " Research on this problem. This is the first iron and steel industry " deleveraging " meeting. In this meeting, the CISA mills the targets for debt, after 3-5 years of effort, the steel industry to minimize the average asset-liability ratio of 60% , most of the asset-liability ratio of enterprises in 60% 's high quality range of the following.