China's steelmakers are in the eye of a storm as Beijing moves to slim down bloated industries, including steel and coal, to make the economy more efficient and address a supply glut that has hammered coal and steel prices. Earlier this year, the city government of Tianjin, which owns Bohai Steel, set up a creditor committee after signs it might struggle to fully repay 192 billion yuan ($29.64 billion) of debt, according to a report in financial magazine Caixin.
Bohai Steel Group Co Ltd, a steelmaker based in northeast China has a $100 million bond due 2018 whose coupon is due this Friday.