Brief: China oriental group updates on shut down of production facilities

China Oriental

28/10/2016 10:23

Oct 28 (Reuters) -    China Oriental Group Co Ltd 
 0581.HK : 
    * All production facilities of these two companies are in 
compliance with laws and regulations, and not falling within 
scope of outdated facilities and capacity for elimination 
    * Hebei jinxi iron and steel group company has to shut down 
one 50 tonnes converter furnace and resolve 0.7 million tonnes 
of steelmaking capacity 
    * In 2017, jinxi limited will have to shut down one blast 
furnace and resolve 1.2 million tonnes of ironmaking capacity 
    * Shut down of one 500 cubic meter blast furnace and one 60 
tonnes converter furnace by zhengda iron and steel will affect 
50% of ironmaking and steelmaking production capacities of 
zhengda iron and steel 
    * Group will proactively communicate and negotiate with 
government to reduce losses 
    * Company is in process of evaluating and minimizing impact 
of shut down to group 
    * In period from 2018 to 2020, jinxi will have to resolve 
0.3 million tonnes of ironmaking capacity and 0.27 million of 
tonnes steelmaking capacity. 
 
 
     
     
    Source text for Eikon:  ID:nHKSzlSCw  
    Further company coverage:  0581.HK  
 
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