Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Co. (WISCO) has announced that, for the purpose of increasing working capital, optimizing capital structure and reducing operating costs, it will issue medium-term bonds worth RMB 6 billion ($946 million) on August 24.
"The funds raised will mainly used for purchase of raw materials, such as iron ore and coal, and to supplement the working capital of the company's headquarters." WISCO stated.
In the previous two months, WISCO held two bond issues worth RMB 2 billion ($315 million) and RMB 3 billion ($473 million).