Liaoning Province-based Chinese steelmaker Dongbei Special Steel Group Co., Ltd (Dongbei Special Steel Group) has been unable to make a repayment on short-term bonds, as reported by media sources.
The steel producer had been due to repay RMB 852 million ($130.88 million) of principal and interest by Sunday, March 27. Previously, it had stated that its ability to repay was uncertain due to the overall sluggishness in the domestic steel industry and its own increased inventories.