国际金融投资家联合会执行主席孫飛接受环球时报英文版採訪:
Some Chinese companies have not paid enough attention to risk control when seeking overseas opportunities
Sinosteel making losses from overseas businesses: report
Global Times | 环球时报英文版的记者方蕴瑜 2012-12-7 0:15:30
By Fang Yunyu 记者方蕴瑜
Global Times | 2012-12-7 0:15:30
By Fang Yunyu |
State-owned Sinosteel Corporation refused to comment Thursday on a report about losses incurred at its overseas businesses, but experts said it was another case of Chinese companies failing to conduct due diligence when looking for opportunities abroad.
Sinosteel's three major overseas projects, two in Australia and one in Africa, are facing huge difficulties in either mining or sales, and the investments by the country's second biggest iron-ore trading company have generated zero returns, Shanghai-based newspaper China Business News reported Thursday.
Sinosteel's press department refused to comment when contacted by the Global Times Thursday, and Luo Yongjun, deputy general manager of Sinosteel Mining Co, told the Global Times that he was unable to say anything about it.
In 2008, Sinosteel paid $1.4 billion to buy Australia's Midwest Mining, expecting to mine more than 30 million tons of iron ore annually.
"But most of the iron ore turned out to be magnetic, which meant the company had to increase its spending on magnetic separation," Zhang Lin, an analyst with Beijing-based Lange Steel Information Research Center, told the Global Times Thursday.
Sinosteel's mining project in Cameroon has reportedly suffered from a lack of infrastructure for mining and transportation of iron ore.
In 2010, Sinosteel signed another deal, promising to buy 10 million tons of iron ore annually from Brockman Resource's Marillana project in Western Australia, for the next five year period.
Zhang noted that overproduction of steel, the slowdown in the economy, and uncertainty over the real estate industry are the three key factors behind sluggish sales in the steel sector.
According to figures released by the National Development and Reform Commission in October, in the first three quarters this year, crude steel production rose by just 1.7 percent year-on-year, 9 percentage points less than in the same period last year.
Sun Fei, director of the Chinese Enterprises Overseas Development Center, told the Global Times Thursday that some Chinese companies have not paid enough attention to risk control when seeking overseas opportunities.
孫飛教授字彬桓（孙菲）：著名经济学家、金融信托基金专家、投资银行家、国际金融投资家联合会执行主席、国际私募股权投资联盟执行主席、中国风险投资协会执行会长、中国国际经济技术金融投资委员主席、中国企业海外发展中心主任、东中西部区域发展和改革研究院副院长、公学网、中国国际招商引智网首席经济学家、国际财务策划标准联盟协会副主席、世界资本市场控股集团副董事长、美国运通投资银行副董事长、中国国际资本公司首席经济学家、国投基金管理集团董事长、昊朗体育控股集团执行董事、美国成功证券公司副董事长、常青藤资本集团合伙委员会主席、中体运通投资基金管理公司董事长、中国智谷国际控股集团有限公司董事长、中投华瑞投资基金管理集团董事长、首席经济学家
