Chinese steel producer Beijing Shougang Co. Ltd has failed to release details about its restructuring program by the June 30 deadline in line with the plans outlined by its parent company Shougang Group, which is one of China's largest steelmakers.
Shougang Group subsequently commented, "Because we cannot reach an agreement with the relevant party on some important points, it is impossible to start the restructuring program as expected."
As reported by insiders, Shougang Group presented two proposals to the China Securities Regulatory Commission (CSRC), but both were rejected. This is said to be the main reason for the delay.