September 27, 2017 / 11:02 AM / 10 months ago

BRIEF-Benxi Steel signs $3 billion debt-to-equity deal with ICBC

BEIJING, Sept 27 (Reuters) - Benxi Steel Group Corp on Wednesday said it had signed a 20 billion yuan ($3.01 billion) debt-to-equity cooperation framework agreement with the Liaoning branch of Industrial and Commercial Bank of China (ICBC).

The agreement, signed on Sept. 21, would allow Benxi Steel to reduce its debt burden, invest more in innovation, tap leading international technology and improve its product structure, it said in a statement.

The steelmaker, describing itself as the largest state-owned enterprise in China’s northeastern Liaoning province, did not say what its current debt level was.

A unit of Benxi Steel, Bengang Steel Plates Co, was hit by a fire this month but announced the resumption of production at the blast furnace affected on Sept. 19.

$1 = 6.6370 Chinese yuan renminbi Reporting by Tom Daly; editing by Jason Neely

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