Article source: 21st Century Business Herald
On the 26th, it was learned from Sinosteel Group that following the official implementation of the debt-to-equity swap on the 9th of this month, Sinosteel Group's official website was officially launched today (26th).
Relevant person in charge of Sinosteel Group stated to 21st Century Business Herald that as a corporate image display window, the new and revised official website not only covers Sinosteel's new business structure, organizational structure and development strategy, but also highlights the company's operating dynamics, Main business, industrial layout, internationalization strategy and sustainable development concept. In terms of channels, it also covers multiple channels including personal computers (PCs), mobile phones, and tablets. "The new official website will serve as a new witness to the reform and development of the group, and will record the transformation and rise of Sinosteel!" Said the official.
On the morning of December 9, Sinosteel Group and six major commercial banks such as Bank of China officially signed a debt restructuring agreement in Beijing to restructure Sinosteel Group's total debt and interest of more than 60 billion yuan. As the first domestic debt-to-equity case of a central SOE, the signing of this agreement also means that Sinosteel's debt crisis, which has suffered many twists and turns over the past two years, has finally been properly resolved.
According to the Bank of China announcement, the debt restructuring agreement includes two parts: debt restructuring plan and business restructuring. In the debt restructuring plan, the debt restructuring plan adopts the model of "debt retention + convertible bonds + conditional debt-to-equity swaps". According to the 21st Century Business Herald reporter, the debt-to-equity ratio in the agreement accounts for about half of the total debt.
Sinosteel is a large-scale steel mining central enterprise directly managed by the State-owned Assets Supervision and Administration Commission of the State Council. It has two major listed platforms: Sinosteel International (000928.SZ) and Sinosteel Tianyuan (002057.SZ). As the steel mining industry fell into the coldest winter in 10 years, coupled with the poor management of the expansion in previous years, Sinosteel Group was rumored to be overdue in debt in September 2014. Under the domino effect of the debt, the storm gradually evolved into a crisis.
After the National Day of 2014, the new leadership of Sinosteel Group led the implementation of a new round of reform and reorganization of Sinosteel. At the same time, under the coordination of the China Banking Regulatory Commission, the State-owned Assets Supervision and Administration Commission and other departments, the Bank of China took the lead in setting up a debt commission, and worked with Sinosteel to formulate a debt restructuring plan. Due to the huge gap between the demands of various parties, the plan was adjusted and improved several times. It took more than a year to finalize it, and it was officially signed on December 9.
Sinosteel Chairman Xu Siwei said at the signing ceremony on the 9th, "Sinosteel will earnestly follow up the implementation of the agreement and take this reorganization as an opportunity to firmly take the long march of Sinosteel's second venture." Next, Sinosteel will further advance the implementation of the "four modernizations" strategy, reshape Sinosteel's new genes, accelerate the implementation of business restructuring plans, continue to deepen the reform of the system and mechanism, and strive to fully realize the restructuring development goals.
According to the above-mentioned person in charge, Sinosteel Group has already started the "second venture" work in-house. It will be market-oriented in the context of debt-to-equity swaps, market-oriented, industrial layout, asset securitization, and managers. The strategy of "professionalization of teams" focuses on the development of the four advantageous industries of "mineral resources, engineering technology, new materials for science and technology, and high-end equipment", and strives to develop into an internationalized group with strong innovation and competitiveness in about 5 years.