China’s Steel Giant With Hundred-Billion-Dollar Assets Collapses, 18,000 Workers Jobless Overnight

In addition, the recent bankruptcy announcement by Shaanxi’s billion-yuan steel company, Dongling Group, has also sent shockwaves through the industry. Reports indicate that the bankruptcy of Dongling Group will affect 18,000 employees.
The bankruptcy of Dongling Group has surprised many, as the company was still widely regarded as a "billion-yuan private enterprise" and a member of the "Top 500 Enterprises" in China. On September 20, 2023, Dongling Group’s official WeChat account even announced that it had made the list of the "Top 500 Chinese Enterprises" for the 19th consecutive year. The company ranked 205th on the list with a revenue of 125.7 billion yuan. Additionally, in the "Top 500 Chinese Service Industry Enterprises" list released at the same time, Dongling Group ranked 69th.
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[RealTNSEE]

Doesn't help that the Steel is so poor quality it doesn't meet any sort of standards the world expects.

[KC]

Here is an idea, stop selling counterfeit steel.

[donsilkco]

Ask your leader for help. Chairman Mao. He is steel expert.

[abetterfuture]

This is why it's so vital to fight corruption. The actions of a handful of people ripple out and and adversely affect countless lives.

[skylinefever]

Someone stole all the high grade metal and sold pig iron.

I laughed so hard when I saw that the tofu buildings had bamboo where steel bar was supposed to reinforce concrete.

[nc]

It doesn’t help that many trade workers in the US will avoid Chinese steel and iron pipe and fittings at all cost. One in every 10 times installed a Chinese fitting and it had a hole in it and it had to be replaced or repaired. The amount of time I spent taking apart new plumbing was ridiculous

[RatTerminator]

No country wants Tofu Steel or Tofu anything 😂
🇺🇲

[berndkemmereit]

That's great news for the European and US steel industry, could not be more happy.

[trippinballs]

i bet you can bend all that steel against your knee

[davidmcguerty]

The people need to wake up and take Xi out. Stop crying. Do something!

[pennycandyys]

Countries need to stop allowing dumping of Chinese products, period, no matter what it is.

[tonysheerness]

Ghost towns, bicycle mountains, ev grave yards and now huge stock piles of steel, they over produce everything.

[sdovhfunlahsvisegbakshfjbs]

Now, this should be more concerning than restaurants and trading platforms shutting down. Recovering from a collapse of the primary and secondary sector, both strongly tied directly and indirectly to exports, will be a matter of at least several decades.

[johanea]

Good good.
Time to bring back manufacturing to Europe, Australia and North America.

[Ukie]

What, no job protection? So much for CCP serving the people. CCP serves itself.

[lance]

Lots of work available in the rice fields 🇨🇳

[AbdulDean]

Love seeing this, no more crap steel from China

[dulseeater]

The "Band Wagon Syndrome" Word gets out that a lot of money can be made doing something, everyone gets on the band wagon and then the market is saturated. A boom and bust economy.

[newhailman]

Couldn't happen to a nicer bunch of people

[aaronosborne]

Don't worry folks, The Great Honey Addicted Leader will fix everything!!