Liaoning Province-based Chinese steelmaker Fushun Special Steel Co. (Fushun Special Steel), a subsidiary of Dongbei Special Steel Group, has announced that it has signed the grant of funds agreement with its holding shareholder Dongbei Special Steel.
According to the agreement, Dongbei Special Steel will grant not more than RMB 900.0 million ($131.2 million) to Fushun Special Steel. The company entered bankruptcy and reorganization proceedings on September 20 according to ruling from Fushun intermediate court.