On February 23, 2021, the National Enterprise Bankruptcy Reorganization Case Information Network issued an announcement that China Steel Co., Ltd. will go bankrupt and liquidate!
It is understood that China Steel Steel Company was registered and established on March 3, 1987 with a registered capital of 388.9074 million yuan. The "Consolidated Balance Sheet" shows that as of December 31, 2019, China Iron and Steel Company had a total assets of RMB 743,668,609.18, total liabilities of RMB 296,2897,413.08, and paid-in capital (or equity) of RMB 388,907,448.02. The total owner's equity (or shareholder's equity) is RMB -2219228 803.90. On July 13, 2020, China Steel Asset Management Co., Ltd. wrote a letter to China Steel Company, requiring the company to repay the loan principal of RMB 1952109745.33 and interest within 5 working days. On the 15th of the same month, China Iron and Steel Company replied that the above-mentioned debt collection letter had been received. was unable to repay the above-mentioned debts because China Iron and Steel Company closed down since 2016. In addition, Zhonggang Asset Management Co., Ltd., a shareholder of Zhonggang Iron and Steel Company, issued a shareholders' meeting resolution on December 10, 2020, agreeing to Zhonggang Iron and Steel Company to conduct bankruptcy liquidation.
According to previous media reports, the case of bribery by Zhonggang Group Zhonggang Iron and Steel Co., Ltd., Xin Xile was settled at the end of 2016. The court held that as a state employee, Xin Xile used his position to illegally accept property from others totaling more than RMB 13.64 million, and was sentenced to thirteen years in prison and a fine of RMB 2 million.
Zhongsteel Iron and Steel Co., Ltd. (English name Sinosteel Iron Steel Co., Ltd) is a wholly-owned subsidiary of China Sinosteel Co., Ltd. and is a specialized company designated by Sinosteel Co., Ltd. for domestic and international trade in steel and steel billets and deep processing of steel products. Its predecessor was China Metallurgical Steel Processing Company, which was established in 1987. In 2004, it was renamed China Steel Corporation. In 2008, through the restructuring, the company name was determined to be China Steel Co., Ltd. At present, China Steel and Steel Co., Ltd.'s business is divided into three major sectors, namely the domestic trade sector, the international trade sector and the comprehensive business sector, with 16 departments, 13 branches and 2 subsidiaries.
Zhonggang Steel Co., Ltd. relies on the overall advantages of China Steel Co., Ltd. adheres to the business principle of "taking trade as the leader and industry as the support", and steadily promotes the construction of eight domestic bases integrating steel product trade, processing services and logistics and market development in three international regions, forming a steel and billet marketing network covering the whole country, as well as Europe, Southeast Asia, Australia, Africa and the Middle East and other regions. Under the guidance of the business philosophy of "cooperation, friendship, win-win, and development", the company has established a good cooperative relationship with important resource factories, traders and end users, providing services to customers with stable and high-quality procurement resources and reasonable and complete marketing network layout, and actively playing the functions of steel resource reservoirs and diverters. Over the past few years, by changing business models and innovating service functions, the company has made leapfrog development, with annual sales volume exceeding 10 million tons and main business revenue exceeding 30 billion yuan.
