Caixin
ECONOMY

Steelmaker Overstated Assets by $270 Million

Steel is made at a Fushun Special factory on Sept. 14, 2017. Photo: VCG
Steel is made at a Fushun Special factory on Sept. 14, 2017. Photo: VCG

*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.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.