Liaoning Province-based Chinese steelmaker Fushun Special Steel Co. (Fushun Special Steel), a subsidiary of Dongbei Special Steel Group, has announced that it has terminated its non-public share issuance plan to raise not less than RMB 2 billion ($0.30 billion), mainly due to its parent company Dongbei Special Steel Group’s inability to make repayment on ultra-short- and short-term bonds.
On August 31, 2015, Fushun Special Steel’s shareholders had approved the plan to issue not in excess of 198 million non-public shares at a price of RMB 10.1 ($1.51) per share to raise funds totaling not less than RMB 2 billion ($0.30 billion) in value.