Steelmaker Overstated Assets by $270 Million
*Fushun Special Steel Co. Ltd. said “accounting errors” led to “inaccuracies” in its data about its assets, including inventory and fixed assets
*The company, which has had its shares suspended for five months over the fabrication of inventory data, warned investors that it could be delisted from the Shanghai exchange
(Beijing) — Shanghai-listed Fushun Special Steel Co. Ltd. has acknowledged making “accounting errors” on three straight years of financial statements that inflated its net assets by more than 1.77 billion yuan ($269.4 million) by the end of 2016.
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