Abstract: A news about "Tianjin 20-year-old steel enterprise - Qifeng Iron and Steel *** was declared bankrupt and liquidated by the court" spread on the Internet platform, which aroused widespread attention in the industry. It is really embarrassing that this steel company has been mired in debt for ten years and finally went bankrupt.
According to the news released by "Iron and Steel Today", Tianjin No. 2 Intermediate People's Court issued an announcement on January 15, 2024, saying that the court accepted Tianjin Qifeng Iron and Steel ***'s application for bankruptcy liquidation on December 29, 2023 according to the application of relevant creditors. The announcement also pointed out that the asset manager of Qifeng Iron and Steel has been changed to Tianjin Lixin Certified Public Accountants***, and its first creditors' meeting after bankruptcy is scheduled to be held in March 2024. According to the bankruptcy ruling issued by the court, Qifeng Iron and Steel was declared bankrupt because it could not pay off its debts due and its assets were insufficient to pay off all its debts or obviously lacked solvency. Since then, this northern steel company, which has been operating for 20 years, has officially become history, and a number of industrial workers may lose their jobs because of this, and what to do in the future has become a new question.
According to public information, Tianjin Qifeng Iron and Steel Co., Ltd. was incorporated in 2004, has existed for 20 years, its product matrix covers cold-rolled steel strip, hot-rolled steel strip, high-frequency welded pipe, high-quality special-shaped pipe and hot-dip galvanized pipe, etc., of which a number of product production lines have an annual output of more than hundreds of thousands of tons, the number of employees at its peak is as high as 1,700 people, covering an area of more than 500 acres, is a veritable private steel plant in the north. It is worth mentioning that the finished rolled steel strip production line put into operation in 2007 was once regarded as making up for the gap of the product in China, which shows that this steel company has a glorious history.
However, the glorious history of Qifeng Steel Enterprise came to an abrupt end in 2014. At that time, the macro-control and industry regulation made the steel market a slaughter, and Qifeng steel enterprises faced objective problems such as overcapacity and bank loans. In August 2014, Yicai published an article entitled "Qifeng Group's "Temporary Shock" Daegu Village Staged Industrial Rescue", which aroused widespread attention from the outside world, and the outside world at that time gradually did not until the existence of this company and the problems that Qifeng Steel Enterprise said it encountered at that time. As the problem became more and more prominent, Qifeng Steel Company's cash flow also tightened and dried up, and it fell into a debt crisis. Although Qifeng Steel Enterprises took a series of self-help measures at that time, they had little effect and the situation continued to deteriorate.
According to the information published by the company, between 2014 and 2015, there were as many as 39 litigation cases involving Qifeng Steel Enterprises, including sales disputes, financial leases, financial loans, etc. On the one hand, cash flow is drying up, and on the other hand, it is mired in debt, which makes the road to self-help for Qifeng Steel Enterprises extremely difficult. It is reported that Qifeng Steel Enterprise has actively sought to merge and reorganize with the local metallurgical group to help the company get out of debt difficulties. However, since 2023, the steel industry has once again faced a "killing" atmosphere, which has brought this self-help measure to an abrupt end. With the issuance of the bankruptcy announcement, the self-help road of Qifeng steel enterprises after 10 years has come to an end, and 20 years of steel enterprises have completely become history.
In 2024, the national macro-control measures will show results, coupled with the gradual effect of the self-regulation mechanism of the steel industry, a number of steel enterprises take the initiative to stop production or take holidays to adapt to the rhythm of the industry, so that the problem of overcapacity in the steel industry will be greatly alleviated. We must firmly believe that the domestic steel industry will eventually return to the track of healthy development.
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