During Yan Zesheng's term of office, the debt crisis of Bohai Iron and Steel involved a total debt of 240 billion yuan.-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Aluminium
  • Copper scrap
  • 铜管/铜管
  • Rare earth
  • MMi Iron Ore Port Index
  • Macroeconomics
  • Market commentary
  • Copper
  • Zinc
  • provisional iron ore export permits
  • Evening comments
  • Futures movement

During Yan Zesheng's term of office, the debt crisis of Bohai Iron and Steel involved a total debt of 240 billion yuan.

Translation 02:12:36PM May 30, 2019 Source:Cable network
The content below was translated by Tencent automatically for reference.

SMM News: on May 29, the website of the Supervision Commission of the Tianjin Municipal Commission for discipline Inspection announced that Yan Zesheng, deputy secretary of the party committee and general manager of Bohai Iron and Steel Group Co., Ltd. (hereinafter referred to as "Bohai Iron and Steel"), is suspected of seriously violating discipline and breaking the law. Disciplinary review and monitoring investigations are currently under way.

According to Tianjin industry insiders, Yan Zesheng is the highest level of management of Bohai Iron and Steel since the outbreak of the Bohai Iron and Steel debt crisis.

During Yan Zesheng's term of office, Bohai Iron and Steel broke out a debt crisis, involving a total debt of 240 billion yuan. At this time, the Bohai Iron and Steel "Bohai Steel system Enterprise reorganization Plan (draft)" (hereinafter referred to as the "reorganization Plan") has been adopted for less than half a year.

According to public information, Yan Zesheng was born in Raoyang, Hebei Province in October 1961. Soon after graduating from university, he entered Tianjin Steel Pipe Group Co., Ltd. (hereinafter referred to as "Tianjin Steel Pipe"), from the grass-roots level, "Guan" to the deputy secretary and general manager of Tianjin Steel Pipe Party Committee. According to the industry insiders, with the establishment of Bohai Iron and Steel, it is also linked to the fate of Yan Zesheng, on May 24, 2010, the Tianjin municipal government announced the decision to Yan Zesheng as general manager of Bohai Iron and Steel, Lu Chunfeng as chairman.

"Tianjin steel pipe was an enterprise with good economic benefits in Tianjin at that time." According to people in the industry.

But Yan Zesheng was watched by the outside world, or with the Bohai Iron and Steel in March 2016 outbreak of the debt crisis. During this period, Bohai Iron and Steel has been "named" many times by the Supervision Commission of the Tianjin Municipal Commission for discipline Inspection.

In June 2016, the Supervisory Commission of the Tianjin discipline Inspection Commission announced the feedback of the inspection team of the Tianjin Municipal CPC Committee on the inspection of Bohai Iron and Steel. The feedback shows that there are five main problems found in the special inspection, including the loss of state-owned assets of Bohai Iron and Steel, "eating steel with steel," and some leaders use their functions and powers and resources to set up rent and seek rent. Hunting for state-owned assets "," there are many loopholes in internal supervision, the 'triple one' system is a mere formality, and there is a lack of management of funds, assets, resources, capital and engineering projects, resulting in the loss of state-owned assets. "

In August 2018, two years later, the third round of inspection by the 11th Tianjin Municipal CPC Committee gave feedback on 22 municipal management state-owned enterprises, including Tianjin Iron and Steel, Tianjin Tiantie Metallurgy, Tianjin Steel Pipe, Tianjin Metallurgy, Bohai Iron and Steel, and so on. Opinions to the above five enterprises once again put forward "do not pay attention to the quality and efficiency of enterprise development, blindly pursue output value, blind expansion, greedy for speed" and "improper supervision of state-owned assets" and so on.

Yan Zesheng not only holds an important position in Bohai Iron and Steel, but also holds an important position in Tianjin Bohai State Capital Investment Co., Ltd. (hereinafter referred to as "Tianjin Bohai State Investment").

In 2010, the Tianjin Municipal Government merged four state-owned enterprises, Tianjin Steel Pipe, Tianjin Iron and Steel Group Co., Ltd., Tianjin Tiantie Metallurgical Group Co., Ltd., and Tianjin Metallurgical Group Co., Ltd., into Bohai Iron and Steel, and classified all their assets into the latter. It was officially listed in July of the same year. According to public information, Bohai Iron and Steel registered capital of 17.015 billion yuan, Tianjin State-owned assets Supervision and Administration Commission 100% holding, the above four state-owned enterprises as their subsidiaries.

With its huge size, Bohai Iron and Steel soon became one of the top 500 enterprises in the world, until March 2016, when it had a debt crisis with a debt of 192 billion yuan. On January 30, 2019, the draft reorganization plan was adopted at the second creditor meeting of 48 enterprises, including Bohai Iron and Steel, which involved a total debt of 240 billion yuan for Bohai Iron and Steel series enterprises. On January 31, the higher people's Court of Tianjin and the No. 2 Intermediate people's Court of Tianjin approved the draft reorganization plan. However, after three years, the draft will be divided into two platforms: the main iron and steel industry and the non-steel main industry. The main iron and steel industry will be introduced into Delong Iron and Steel Co., Ltd., which has been stationed in Bohai Iron and Steel at the end of February. Earlier, the reporter learned that after the outbreak of the crisis, the public had asked for Bohai Iron and Steel-related responsible persons to pursue responsibility, Yan Zesheng also once again entered the public view.

Prior to the creditors' meeting, all shares in Bohai Iron and Steel had been changed from Tianjin State-owned assets Supervision and Administration Commission to Tianjin Bohai State Investment. What has attracted considerable attention is that Yan Zesheng, as the legal representative and general manager of Bohai Iron and Steel, is also the director and general manager of Tianjin Bohai State Investment. According to industrial and commercial data, Tianjin Bohai State Investment was established in March 2016. it is a state-owned capital investment and asset disposal platform company funded by the Tianjin State-owned assets Supervision and Administration Commission, with a registered capital of 5 billion yuan. On March 7, 2016, the Tianjin State-owned assets Supervision and Administration Commission decided that Lu Chunfeng and Yan Zesheng should be appointed directors of Tianjin Bohai State Investment, and Lu as chairman and general manager. According to the official website of the Tianjin State-owned assets Supervision and Administration Commission, on June 29, 2018, the Tianjin State-owned assets Supervision and Administration Commission removed Lu Chunfeng from the post of director of Bohai Iron and Steel, and on September 15, removed Lu Chunfeng, Yan Zesheng and other directors of Tianjin Bohai State Investment.

It is understood that during the above change in the ownership of Bohai Iron and Steel, Bohai Iron and Steel legal representative, General Manager Yan Zesheng, is still holding the post of General Manager of Tianjin Bohai State Investment.

As Yan Zesheng's "partner", Lu Chunfeng retired in 2018.

During Yan Zesheng's term of office, the debt crisis of Bohai Iron and Steel involved a total debt of 240 billion yuan.

Translation 02:12:36PM May 30, 2019 Source:Cable network
The content below was translated by Tencent automatically for reference.

SMM News: on May 29, the website of the Supervision Commission of the Tianjin Municipal Commission for discipline Inspection announced that Yan Zesheng, deputy secretary of the party committee and general manager of Bohai Iron and Steel Group Co., Ltd. (hereinafter referred to as "Bohai Iron and Steel"), is suspected of seriously violating discipline and breaking the law. Disciplinary review and monitoring investigations are currently under way.

According to Tianjin industry insiders, Yan Zesheng is the highest level of management of Bohai Iron and Steel since the outbreak of the Bohai Iron and Steel debt crisis.

During Yan Zesheng's term of office, Bohai Iron and Steel broke out a debt crisis, involving a total debt of 240 billion yuan. At this time, the Bohai Iron and Steel "Bohai Steel system Enterprise reorganization Plan (draft)" (hereinafter referred to as the "reorganization Plan") has been adopted for less than half a year.

According to public information, Yan Zesheng was born in Raoyang, Hebei Province in October 1961. Soon after graduating from university, he entered Tianjin Steel Pipe Group Co., Ltd. (hereinafter referred to as "Tianjin Steel Pipe"), from the grass-roots level, "Guan" to the deputy secretary and general manager of Tianjin Steel Pipe Party Committee. According to the industry insiders, with the establishment of Bohai Iron and Steel, it is also linked to the fate of Yan Zesheng, on May 24, 2010, the Tianjin municipal government announced the decision to Yan Zesheng as general manager of Bohai Iron and Steel, Lu Chunfeng as chairman.

"Tianjin steel pipe was an enterprise with good economic benefits in Tianjin at that time." According to people in the industry.

But Yan Zesheng was watched by the outside world, or with the Bohai Iron and Steel in March 2016 outbreak of the debt crisis. During this period, Bohai Iron and Steel has been "named" many times by the Supervision Commission of the Tianjin Municipal Commission for discipline Inspection.

In June 2016, the Supervisory Commission of the Tianjin discipline Inspection Commission announced the feedback of the inspection team of the Tianjin Municipal CPC Committee on the inspection of Bohai Iron and Steel. The feedback shows that there are five main problems found in the special inspection, including the loss of state-owned assets of Bohai Iron and Steel, "eating steel with steel," and some leaders use their functions and powers and resources to set up rent and seek rent. Hunting for state-owned assets "," there are many loopholes in internal supervision, the 'triple one' system is a mere formality, and there is a lack of management of funds, assets, resources, capital and engineering projects, resulting in the loss of state-owned assets. "

In August 2018, two years later, the third round of inspection by the 11th Tianjin Municipal CPC Committee gave feedback on 22 municipal management state-owned enterprises, including Tianjin Iron and Steel, Tianjin Tiantie Metallurgy, Tianjin Steel Pipe, Tianjin Metallurgy, Bohai Iron and Steel, and so on. Opinions to the above five enterprises once again put forward "do not pay attention to the quality and efficiency of enterprise development, blindly pursue output value, blind expansion, greedy for speed" and "improper supervision of state-owned assets" and so on.

Yan Zesheng not only holds an important position in Bohai Iron and Steel, but also holds an important position in Tianjin Bohai State Capital Investment Co., Ltd. (hereinafter referred to as "Tianjin Bohai State Investment").

In 2010, the Tianjin Municipal Government merged four state-owned enterprises, Tianjin Steel Pipe, Tianjin Iron and Steel Group Co., Ltd., Tianjin Tiantie Metallurgical Group Co., Ltd., and Tianjin Metallurgical Group Co., Ltd., into Bohai Iron and Steel, and classified all their assets into the latter. It was officially listed in July of the same year. According to public information, Bohai Iron and Steel registered capital of 17.015 billion yuan, Tianjin State-owned assets Supervision and Administration Commission 100% holding, the above four state-owned enterprises as their subsidiaries.

With its huge size, Bohai Iron and Steel soon became one of the top 500 enterprises in the world, until March 2016, when it had a debt crisis with a debt of 192 billion yuan. On January 30, 2019, the draft reorganization plan was adopted at the second creditor meeting of 48 enterprises, including Bohai Iron and Steel, which involved a total debt of 240 billion yuan for Bohai Iron and Steel series enterprises. On January 31, the higher people's Court of Tianjin and the No. 2 Intermediate people's Court of Tianjin approved the draft reorganization plan. However, after three years, the draft will be divided into two platforms: the main iron and steel industry and the non-steel main industry. The main iron and steel industry will be introduced into Delong Iron and Steel Co., Ltd., which has been stationed in Bohai Iron and Steel at the end of February. Earlier, the reporter learned that after the outbreak of the crisis, the public had asked for Bohai Iron and Steel-related responsible persons to pursue responsibility, Yan Zesheng also once again entered the public view.

Prior to the creditors' meeting, all shares in Bohai Iron and Steel had been changed from Tianjin State-owned assets Supervision and Administration Commission to Tianjin Bohai State Investment. What has attracted considerable attention is that Yan Zesheng, as the legal representative and general manager of Bohai Iron and Steel, is also the director and general manager of Tianjin Bohai State Investment. According to industrial and commercial data, Tianjin Bohai State Investment was established in March 2016. it is a state-owned capital investment and asset disposal platform company funded by the Tianjin State-owned assets Supervision and Administration Commission, with a registered capital of 5 billion yuan. On March 7, 2016, the Tianjin State-owned assets Supervision and Administration Commission decided that Lu Chunfeng and Yan Zesheng should be appointed directors of Tianjin Bohai State Investment, and Lu as chairman and general manager. According to the official website of the Tianjin State-owned assets Supervision and Administration Commission, on June 29, 2018, the Tianjin State-owned assets Supervision and Administration Commission removed Lu Chunfeng from the post of director of Bohai Iron and Steel, and on September 15, removed Lu Chunfeng, Yan Zesheng and other directors of Tianjin Bohai State Investment.

It is understood that during the above change in the ownership of Bohai Iron and Steel, Bohai Iron and Steel legal representative, General Manager Yan Zesheng, is still holding the post of General Manager of Tianjin Bohai State Investment.

As Yan Zesheng's "partner", Lu Chunfeng retired in 2018.