Billions Disappear in Sinosteel's Black Hole

State auditors are probing a financial black hole that is continuing to widen at Sinosteel Corp. nearly two years after a huge financial burden was uncovered at the state-owned iron ore trader, Caixin has learned.

The hole, which has already swallowed 4.2 billion yuan, sparked open criticism of Sinosteel by Li Rongrong, chairman of the State-owned Assets Supervision and Administration Commission, at a meeting of state-owned enterprise heads July 23.