Liaoning Province-based Chinese steelmaker Fushun Special Steel Co. (Fushun Special Steel), a subsidiary of Dongbei Special Steel Group, has announced that its parent company Dongbei Special Steel has informed it of its inability to meet its commitment to increase its stake in Fushun Special Steel. According to Dongbei Special Steel, amid ongoing tight budget conditions it has been unable to meet its commitment due to the overall sluggishness of the domestic steel industry.
On July 8, 2015, Dongbei Special Steel Group made a commitment that it would increase the amount of shares it holds in Fushun Special Steel by a value of not less than RMB 180 million ($27.03 million) within a period of 12 months.