Chinese steel company Benxi Steel Group Corp has signed a debt-to-equity cooperation agreement worth $3.01 billion with the Liaoning branch of the Industrial and Commercial Bank of China.
The agreement will allow Benxi Steel to reduce its debt burden, invest in innovation, access leading international technology and improve its product structure.
The company did not disclose its current debt level. One of its divisions, Bengang Steel Plates Co, has recently resumed production after a fire in a blast furnace in early September.
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