06
Dec
03:44
HBIS Laoting leases equipment to relieve financial pressure
Due to financial pressure from second-phase project construction, HBIS Laoting has abandoned its plan to build a new 1,580mm hot rolling production line. The firm’s board has instead approved a plan to rent a 1,580mm hot rolling mill and ancillary equipment from Tangshan Stainless Steel Company, Kallanish notes.
The two companies share the same ultimate controller, Hebei Iron & Steel Group (HBIS), while Tangshan’s hot rolling line has been idled.
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