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Delong Holdings
STEEL manufacturer Delong Holdings says that its subsidiary, Laiyuan County Aoyu Steel Co, Ltd (Aoyu Steel), may be affected by provincial plans to reduce the steelmaking capacity of the Hebei Province in China. Aoyu Steel is located in Baoding, one of the cities affected by such plans.
"Based on current discussions between (Delong) and the relevant regulatory authorities in China, Aoyu Steel may be required to reduce its steelmaking output in view of the (said) plans, which may in turn adversely affect the financial position of the group," Delong's announcement said. Delong shares finished Wednesday unchanged at S$0.30 a share.
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