Liaoning Province-based Chinese steelmaker Dongbei Special Steel Group Co., Ltd (Dongbei Special Steel Group) was unable to make a repayment on September 26 on the third issue of its short-term bonds made in 2015, as announced by the China Foreign Exchange Trade System (CFETS). In particular, the overall principal and interest involved in the repayment in question amounted to RMB 744.1 million ($111.56 million).
To date, Dongbei Special Steel has defaulted nine times on payments within half a year, with the overall principal totaling RMB 5.8 billion ($0.87 billion).