10 Oktober 2008
Chinese Steel Maker Hit by Global Crisis

SHANGHAI - Steel maker FerroChina Thursday became one of the highest-profile Chinese victims yet of the global economic crisis, saying it was unable to service huge debts and was immediately stopping production.

It said it could not payback part of its working capital loans worth 706 million yuan (US$104 million), while warning even larger loans were due soon.

"Due to the current economic crisis, the group is unable to repay part of its working capital loans," the company said in a statement filed with the Stock Exchange of Singapore, where it is listed.

The announcement came amid rising concerns among Chinese officials and economists that the current global crisis could hurt the local economy and threaten the survival of key exporters.

(Source: The Jakarta Post)

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