China’s Baosteel president sees more steel makers closing due to tighter credit

Posted on March 31, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

(Reuters) – The president of Baoshan Iron & Steeel on Monday said more Chinese steel makers will be forced to close over the next three years due to tighter credit, higher environmental requirements and increasing margin pressure.

Dai Zhihao made the comments in an online briefing after the company reported a 42 percent drop in 2013 net profit. (Reporting by Ruby Lian; Editing by Christopher Cushing)

Source: http://in.reuters.com/article/2014/03/31/china-baoshan-steel-idINB9N0LQ00W20140331