The people’s court of Zhangping City accepted Fujian Jindaxin Iron and Steel Casting company’s bankruptcy and liquidation application, according to an official announcement made on July 17, cited by China Metallurgical News. The ruling regarding the acceptance of bankruptcy filing came on June 22 after which a liquidation team was appointed as managers of the defunct unit.

 

The construction of this key project in China’s Fujian province commenced in December 2010 with a planned annual capacity of 1mn mt of steel castings and 1.2mn mt of steel bars. It entailed an investment of CNY7.2bn.

 

In Oct 2013, however, the company ran into debt disputes which shut down the project, degrading the condition of its under-construction blast furnace and some other open-air assets. 

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