Xinjiang autonomous region-based Chinese steelmaker Xinjiang Kingtec Steel Co., a subsidiary of state-owned company Xinjiang Cathay International Group, has received approval from China's National Development and Reform Commission for the issuance of enterprise bonds valued at RMB 550 million ($89.72 million), as announced by the Development and Reform Commission of the Xinjiang region on May 8.
To date in the current year, Xinjiang Kingtec Steel Co. had already received approval for the issuance of enterprise bonds worth RMB 1.55 billion ($252.9 million). The company is expected to issue enterprise bonds worth a total of RMB 25 billion ($4.08 billion) in 2013.