Sinosteel to Default on Bonds After Government Said to Help
- Sinosteel said it will delay interest payment due Tuesday
- Company has also postponed bond option date by one month
Steel coils manufactured by China Steel Corp. are stacked at the company's headquarters in Kaohsiung, Taiwan, on Wednesday, Nov. 3, 2010. China Steel Corp., Taiwan's biggest maker of the metal, plans to buy stakes in iron ore and coal mines to reduce its reliance on raw material suppliers as it increases production.
Photographer: Maurice Tsai/BloombergThis article is for subscribers only.
A Chinese state-owned steel trader is set to default on a bond payment even after the government was said to have stepped in to help, highlighting worsening corporate finances as an economic slowdown deepens.