Jiangsu Province-based Chinese steelmaker Shagang Group has announced that it plans to issue short-term bonds worth RMB 3 billion ($477 million). The period of issuance of the short-term bonds is one year, with China CITIC Bank as the main consignee.
Accordingly, RMB 1.5 billion ($238.5 million) of the raised funds will be used to supplement the group’s working capital, while the remaining RMB 1.5 billion will be used to repay certain debts and so reduce financial costs.