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In addition, the subsidiary VALIN LY STEEL had been the biggest loss source of Valin Group. In 2010, Valin Ly Steel lost 2.667 billion yuan resulting in the huge loss of 2.644 billion yuan for the whole Valin steel.
For getting rid of loss making in 2012 year,chief financial officer in Valin steel Dai said the company developed tapping the potential synergies, including to reduce interest-bearing liabilities, reducing the rate of assets and liabilities, centralized funds management, debt relief down the negative, reducing process costs, and promote the collaborative procurement and total nine measures, try best to make profit from lossing.
Dai denied the news which said major shareholder of Valin steel as Indian steel giant Mittal may reduce its stake. He also said currently Valin steel cooperated with Mittal in good relationships, and Valin and Mittal's car plate joint venture projects have been completed the equipment procurement.Mittal will provide a full range of technical support for this joint venture to roll car used steel plate.
Source: YUSHENG INFORMATION
