Weight of history: Chongqing Steel and China's state sector dilemma
By Editor - Thu Aug 15, 11:40 pm
A year and a half ago, Chongqing Iron and Steel Corp (CISC), China’s oldest steelmaker, was rescued from the brink of bankruptcy in a deal hailed as a shining example of how struggling state companies can be revamped. Today it is profitable and earned 616 million yuan ($87.51 million) in net income in the first half of 2019. Chongqing Steel’s saviour: Four Rivers Investment Management, a private equity fund established in August 2017 by China’s biggest steel producer, Baowu Iron and Steel Group , or Baosteel, which aims to benefit from a state-driven consolidation of the industry.
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