Rescue in the Works for Indebted Sinosteel

(Beijing) – China's economic slowdown and slumping iron ore prices have intensified what's now a 2-year-old financial crisis at one of the country's biggest resource-trading companies, Sinosteel Corp.

But sources from banks recently told Caixin that new, unnamed investors are poised to rescue Sinosteel as part of a broad restructuring plan. The plan was expected to be announced by the end of June.