A Chinese steel company has defaulted on an 852 million yuan ($131 million) bond payment, days after its chairman was found dead in an apparent suicide.
Dongbei Special Steel Group Co. said late Monday it was unable to pay the interest or principal due on a one-year bond, while another 1.01 billion yuan on a shorter-term bill due next week was also uncertain.
The company said last week that its chairman and Communist Party chief Yang Hua had been found hanged at his residence – ina case – nowunder investigation. The company statement has since been removed from its website.
As China's growth slows to its weakest level in 25 years, the country has been hit by a series of corporate defaults. The steel sector, already burdened by overcapacity, has been especially hurt as demand slows.
State-owned Dongbei Special Steel, headquartered in the northeastern city of Dalian, makes different types of steel including products for the automotive industry.
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