Handan Steel reduces raw material inventories to improve liquidity

Hebei Province-based Handan Iron and Steel (Hansteel), a subsidiary of Hebei Steel Group, has stated that at the end of May this year its inventory of imported iron ore stood at 1.062 million mt, down 42.2 percent, while its inventory of domestic production iron ore reached 230,000 mt, down 52 percent, both compared to the end of May last year.
 
Meanwhile, Hansteel's inventories of coking coal and PCI (pulverized coal injection) coal were down respectively by 13,600 mt and 13,800 mt year on year at the end of May.
 
By reducing its inventory of raw materials, at the end of May Hansteel managed to improve its liquidity by freeing up total cash of RMB 1.77 billion compared to the end of May of the previous year.