Recently, the joint supervision team composed of multiple ministries and commissions of the Central Government divided into 10 roads to supervise and inspect the elimination of outdated production capacity in various places. After the end, it will take the lead in forming a report and submit it to the State Council.
At the same time, the special inspection of the steel industry to reduce excess production capacity and prevent the re-emergence of “Grid Steel” has also been carried out in 21 province-s (autonomous regions and municipalities) through eight groups. Relevant personnel said that from the current situation, the ability to produce in various places is relatively large, and some places have exceeded their tasks in advance. However, it is worth noting that in the processof de-capacity, corporate debt and other issues still exist.
Debt conversion is difficult
According to the “Economic Information Daily” report, the data shows that although the debt ratio of coal has declined slightly since the beginning of this year, the asset-liability ratio f the- coal mining and washing industry as of April is still at 66.4%, with a total value of approximately 3.58 trillion yuan, and some corporate assets and liabilities The rate is approaching 80%.
Sichuan Coal Industry Group Co., Ltd., China Coal Shanxi Huayu Energy Co., Ltd., and Taiyuan Coal and Gasification (Group) Co., Ltd. are listed as bonds investors need to pay great attention to the risk of the company, which Sichuan Coal Group has been three times this year Breach of contract.
“The current slow progress in the disposal of debt has led to the problem that some joint-sto-ck coal mines are complex due to diversified forms of equity and debt, and are faced with the problem of difficulty in dividing debts and handling difficulties. There are also problems in the process of debt-to-equity swaps, which include the issue of real stock debts and difficulties i-n landing.” A brokerage analyst said.
The steel industry is also facing the same difficulties. Previously, Xu Lejiang, vice chairman of the All-China Federation of Industry and Commerce, pointed out that it is necessary to keep- abreast of the central government's plans to prevent financial risks, actively reduce the leverage ratio, and reduce the debt ratio of steel companies.
At the “Steel Industry Financial Work Conference” convened by the China Iron and Steel Association, Liu Zhenjiang, secretary-general of the China Iron and Steel Association, stated that- iron and steel enterprises have actively taken leverage in the past year, and the average debt-to-liability ratio of the steel industry has dropped by 2.59 percentage points year-on-year, b-ut they are still The high level reached 67.23%.
In 2017, the interest expense on the steel industry was as high as 84.282 billion yuan.
"Steel-equity debt-equity swaps still face difficulties such as real-led stocks." Liu Zhenjiang- believes that the level of debt disposal in the process of de-capacity production should be i-ncreased, and the implementation of bank debt-to-equity swap schemes with banks should -be further coordinated in order to reduce costs and increase efficiency. The goal is to pass From 3 to 5 years of effort, the average debt ratio of the steel industry fell below 60%.