On September 11, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang Group) announced that its plan for a corporate bond issue has been approved by the China Securities Regulatory Commission (CSRC). The steel producer plans to issue bonds worth RMB 7 billion ($1.14 billion).
As lately reported by SteelOrbis, in August this year Baogang Group's outputs of pig iron, crude steel and finished steel amounted to 834,500 mt, 887,700 mt and 859,700 mt, down 1.27 percent, 0.86 percent and 1.43 percent on month-on-month basis respectively. In the given month, Baogang's finished steel exports amounted to 810,000 mt, up 18 percent year on year, worth a value of $480 million.