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Debt conversion is difficult
The data shows that although the debt ratio of coal has declined slightly since the beginning of this year, the asset-liability ratio of coal mining and washing industry was still 66.4% as of April, totaling approximately 3.58 trillion yuan, and the debt-to-equity ratio of some companies approached 80%. Sichuan Coal Industry Group Co., Ltd., China Coal Shanxi Huayu Energy Co., Ltd., and Taiyuan Coal and Gasification (Group) Co., Ltd. are listed as bonds investors need to pay great attention to the risk of the company, which Sichuan Coal Group has been three times this year Breach of contract.
“The current slow progress in the disposal of debt has led to the problem that some joint-stock coal mines are complex due to diversified forms of equity and debt, and are faced with the problem of difficulty in dividing debts and handling difficulties. There are also problems in the process of debt-to-equity swaps, which include the issue of real stock debts and difficulties in landing.†A brokerage analyst said.
The steel industry is also facing the same difficulties. Previously, Xu Lejiang, vice chairman of the All-China Federation of Industry and Commerce, pointed out that it is necessary to keep abreast of the central government's plans to prevent financial risks, actively reduce the leverage ratio, and reduce the debt ratio of steel companies.
At the “Steel Industry Financial Work Conference†convened by the China Iron and Steel Association, Liu Zhenjiang, secretary-general of the China Iron and Steel Association, stated that iron and steel enterprises have actively taken leverage in the past year, and the average debt-to-liability ratio of the steel industry has dropped by 2.59 percentage points year-on-year, but they are still The high level reached 67.23%. In 2017, the interest expense on the steel industry was as high as 84.282 billion yuan.
"Steel-equity debt-equity swaps still face difficulties such as real-led stocks." Liu Zhenjiang believes that the level of debt disposal in the process of de-capacity production should be increased, and the implementation of bank debt-to-equity swap schemes with banks should be further coordinated in order to reduce costs and increase efficiency. The goal is to pass From 3 to 5 years of effort, the average debt ratio of the steel industry fell below 60%.
Industry Acceleration of Merger and Reorganization
The capacity for production is welcoming the “end-of-year examinationâ€. In promoting the transformation and upgrading of corporate mergers and acquisitions, local governments have formulated relevant policies and are actively pushing forward. Persons involved in random inspections disclosed that, in terms of paying off “Guanzi Gangâ€, a layered supervision model for district and county preliminary inspections, city-level verifications, and national supervisions was formed.
At present, many provinces in China are actively promoting coal industry mergers and reorganizations. In response to the problems of decentralized resources and redundant construction, on May 25, Yijinhuoluo Banner of Inner Mongolia integrated 12 flag state-owned coal-related state-owned enterprises and established Inner Mongolia Shengyuan Energy Group Co., Ltd. Shanxi also stated that it will continue to increase its coal mine mergers and reorganizations. In February this year, it was controlled by Jiangsu Guoxin Group. The central enterprises, Shanxi coal companies and power companies jointly established Su Jin Energy Company.
With the changes in the industry, steel companies have also welcomed large-scale restructuring plans. Wang Lianzhong, executive deputy secretary-general of the All-China Metallurgical Chamber of Commerce, said that at present, private steel enterprises have started restructuring and have made significant progress, accounting for more than one-third of private enterprises, and there are obvious signs of cross-regional and cross-ownership mergers and reorganizations. "If Hebei plans to support Qian'an, Fengnan and Wu'an Local Iron and Steel Group, it will form three large iron and steel groups based on private steels with regional market leading capabilities through joint reorganization; Shanxi Province also plans to adopt mergers and acquisitions from 27 companies. Steel companies fell to 10.
Concerned about the deep issues of the steel industry
Reducing corporate burden is one of the important contents of structural reforms on the supply side. In recent days, the State Council's Office for Relief Burden has been deployed throughout the country to conduct business burden surveys and evaluations. The notification clearly states that the burden of the company's investigation includes the cost burden of enterprises, fees and charges for enterprises, business environment, and policy appeals. It requires all regions to reduce corporate burden. The leading group (joint conference) organizes no less than 150 companies (covering different companies and Industry type) participate in the survey and complete the online report. The corporate burden assessment includes taxation, financing, labor, energy use, and institutional cost burdens in all regions. At the same time, third party agencies are required to carry out relevant index studies and publish them.
In 2017, the State Administration of Taxation and the former Ministry of Land and Resources issued the “Announcement on Several Issues Concerning the Implementation of the Preferential Policies for Resource Tax Reformâ€, and the mineral resources tax was reduced by 50% at the highest, and tax cuts for several types of mines were specifically listed. However, insiders pointed out that the resource tax is only one of the many fees that China's iron ore companies have to pay, and it is more necessary to manage the “hands that need money†to reach out to enterprises, and also to make a transparent marketization of domestic iron ore enterprises. surroundings.
“China's steel industry chain is seriously out of balance.†Shao Anlin, an academician of the Chinese Academy of Engineering, was so blunt at the 2017 China Mining Industry Chain Conference. He analyzed that the main problems were: Obvious overcapacity of steel production capacity, serious shortage of own iron ore production capacity; small scale, weak overall industry competitiveness; tax burden burden averaged over 20%, corporate tax burden is heavy. In Shao Anlin's view, most of the domestic iron ore mining companies are affiliated with the management of steel companies rather than operating as an independent industry, which makes iron ore mining companies unable to adapt to the unique rules of mines to adapt to changes in the international iron ore market. As a result, the self-sufficiency ratio of resources continues to decline. He called for strengthening the strategic research, system planning and industrial supervision of the steel industry at the national and corporate level.
Recently, the joint supervision team composed of multiple ministries and commissions of the Central Government divided into 10 roads to supervise and inspect the elimination of outdated production capacity in various places. After the end, it will take the lead in forming a report and submit it to the State Council. At the same time, the special inspection of the steel industry to reduce excess production capacity and prevent the re-emergence of “Grid Steel†has also been carried out in 21 provinces (autonomous regions and municipalities) through eight groups. Relevant personnel said that from the current situation, the ability to produce in various places is relatively large, and some places have exceeded their tasks in advance. However, it is worth noting that in the process of de-capacity, corporate debt and other issues still exist.