Chinese steel transporter Anhui Wanjiang Logistics said one of its units failed to pay 2 billion yuan, or about US$325 million,
Anhui Wanjiang used up its bank credit. The company said it had 16.7 billion yuan in debt, including 12.7 billion yuan owed to 19 banks, of which almost 1 billion yuan was overdue
State-owned Sinosteel s having difficulty paying back some lenders. If china had so much cash reserves then why is this state owned company failing to pay debts.
Currently the steel industry is about ￥3 trillion in debt.
