The real picture of Rizhao Steel's financial crisis is noisy. Editor: wang^li Source: Network Source Time: 2008-12-2912: 49: 26 Click: 4 Today's Comments: 0 According to "2 1 Century Business Herald" 65438+February 27, it is only half an hour's drive from Rizhao City. The whole Rizhao steel is located very compactly on a very low hill by the sea. Rizhao Iron and Steel is close to Lanshan Port, so it has a famous low freight rate and the resulting "relative profit" of more than 654.38 billion. In 2003, when Du Shuanghua chose the site for Rizhao Iron and Steel, the state planned to give Kuishan of Shandong Iron and Steel near Shijiu Port. According to the overall planning of Rizhao Port, Rizhao Port includes Shijiu Port and Lanshan Port, and the long-term throughput capacity of Lanshan Port will be better. In the other direction of the port area, Rizhao Steel has already planned to build its own iron ore wharf, and the corresponding land reclamation work has been going on for some time. But it has stopped at present, waiting for the result of reorganization and re-planning. In addition to the wharf project, including two H-beam production line engineering design contracts signed by Rizhao Steel in May 2008 (expected to be completed and put into production in 20 10), the planning will enter the waiting stage again in the second half of the year. To some extent, it is impossible to establish two 10-million-ton steel production bases on the edge of Lanshan Port, which determines the possibility of reorganization. On February 2, 65438, the financial audit team hired by Shandong Iron and Steel Group (hereinafter referred to as Shandong Iron and Steel Group): Goldman Sachs Asia, Ernst & Young Huaming Certified Public Accountants, Fonda Law Firm and Fuld Law Firm of England entered Rizhao Iron and Steel Company together. Unlike the signing ceremony of the reorganization letter of intent held by both parties on1October 5 165438, Du Shuanghua attended the signing ceremony of consultation and cooperation of our firm. This is the first time that Rizhao Steel has made a public statement since Shandong Iron and Steel Group signed a restructuring agreement with Rizhao Steel: "It will respond to the national industrial policy, actively cooperate with the adjustment of the steel industry layout in Shandong Province, and vigorously promote the implementation of the restructuring plan of Shandong Iron and Steel." During this period, 165438+ 10/0, Rizhao Steel began to lay off employees; 165438+1October 15, there are rumors in the industry: Rizhao steel did not want to reorganize, but Du Shuanghua was forced to submit when the capital chain was broken due to the vicious measures of "cutting off loans". However, at this time, the market's doubts about Rizhao Steel's "loan cut" and large-scale layoffs have not yet dispersed. What kind of market ups and downs has Rizhao Steel experienced? Is it true or not to "break the loan"? What is the real intention of the big layoffs? In the first half of 2008, iron and steel enterprises suffered a crazy market, which made Rizhao Iron and Steel's sales revenue reach 23.7 billion yuan, and its total profit reached 5.7 billion yuan, which almost completed the performance in 2007, and at the same time, it did not hoard less iron ore. The strategy of dealers hoarding goods to chase up and the price increase of steel enterprises have repeatedly promoted each other, making the steel market optimistic. When the shrinking downstream demand finally appeared in the market in the form of falling steel prices in mid-July, within three months, MySpic's domestic steel price composite index fell from 2 16 in early July to 133 in early October, a deep drop of 38%, completely erasing the 30% increase in the first half of the year. On September 29th, Hebei Iron and Steel, Shougang, Jigang, Laigang and Angang reached the "* * * understanding" of reducing production by 20%. However, Rizhao Steel chose to step up production. 165438+1At the beginning of October, the reporter saw in Rizhao Iron and Steel Plant that the blast furnace and assembly line were running at full capacity and the whole production was orderly. Each flatbed car carries two rolls of strip steel products, and a team of five or six cars drives out of the factory area from time to time to Lanshan Port not far away, ready to be transported in water. Informed sources told reporters that except for the power cut in June and July, the production scale of Rizhao Steel has been relatively stable, with an average of 700,000-800,000 tons per month. At present, we are fully consuming the iron ore accumulated in the previous period. At that time, there were more than 6.5438+0.5 million tons of iron ore in Rizhao Steel Yard, nearly 6.5438+0.0 million tons in Lanshan Port and several hundred thousand tons in Rizhao Port. While consuming these minerals, new minerals are constantly being purchased. Rizhao Iron and Steel suspended the long-term agreement price for purchasing iron ore in the previous period, and instead purchased Indian ore in the spot market. With the steel price falling by nearly 40% and the sea freight dropping by more than 90%, the spot market price of iron ore has been falling all the way, even lower than the long-term association price. At this time node, which steel enterprise consumes iron ore inventory first will have an advantage. According to customs statistics, 1 1 month, the CIF price of Indian mines is 80.7 1 USD/ton, and the difference between Indian mines and Xie Chang mines, represented by Brazilian mines and Australian mines, is as high as 70.3 USD/ton. "Rizhao Steel's response is very fast," the insider told reporters, and he turned around very quickly. "Unlike some steel companies, even if Indian mines are found to have advantages, they have to go through a process of transferring from Xie Chang mines." At the same time of full horsepower production, the sales of Rizhao Steel are also vigorously promoted. At the end of September, Rizhao Steel introduced a replenishment policy to dealers. Although this tool has been picked up repeatedly in China steel market, all steel enterprises are using it, but the rebate rate of Rizhao Steel makes it have a good reputation among dealers. A dealer in Shanghai told the reporter that Rizhao Steel is good for dealers in the upstream, "never dragging goods" and "there are still many considerations for the downstream in the second half of the year", while other steel enterprises, even the private enterprise Shagang, "can't do this". According to the dealer, starting from June 5438+0 1, "Rizhao Steel has more goods on the market, and the volume of goods running has been enlarged." In terms of export, Rizhao Steel's export volume was low in September, and then increased by 15%~20% every month. On February 22, 65438, an insider of Rizhao Steel told reporters that all the iron ore bought at the previous long-term cooperative price and high sea freight was used up, and now it is profitable to produce with Indian mines. Rizhao Steel has its own mine in Thailand, and "the first batch of ships have been sent from Thailand". 165438+1At the beginning of October, steel prices rebounded slightly. MySpic's domestic steel price composite index rose from 1 128 at the beginning of October to 134 at the end of the month, with an increase of 4%, and has since consolidated. Although Rizhao Steel lost about 300 million yuan every month since June 5438+00, it became the first driver to stand on a safer runway through life-and-death production and sales and strong turnover. "Once the steel enterprise is opened, it will sit in the chariot and never stop." A manager of a state-owned steel enterprise described his understanding of Rizhao Steel's strategy to reporters: "When there is a gap in expressway, you should step on the accelerator with your eyes closed, or you will fall off the bridge." In fact, on June 3rd, 165438+ Du Shuanghua sent a letter to the management of Rizhao Steel and Jinghua Innovation Group, which pointed out Du Shuanghua's new intention in the loss season-to implement "conservative strategy and retreat tactics" and realize that "the last one is king". At the same time, the letter detailed the layoff plan. The layoffs of Rizhao Steel will be carried out in two steps: the first step is to lay off too many reserve personnel; The second step is to further streamline personnel by merging posts, improving efficiency and working overtime. In his letter, Du Shuanghua emphasized that the purpose of layoffs is to "retain a capable team, establish an efficient and flexible mechanism, create a clean and honest atmosphere, and ensure that enterprises are in an invincible position in the future market downturn" and "thoroughly reform the business model and organizational structure of the two major groups through slimming, so that enterprises can survive". The layoffs of Rizhao Iron and Steel are regarded as a link to fight against the restructuring and operational difficulties of Shandong Iron and Steel. However, in Du Shuanghua's letter, it is emphasized that we must fully understand the difference between "downsizing" and "reducing production". There is no necessary connection between layoffs and production cuts. "We want to completely reform the business model and organizational structure of the two major groups through slimming" and "our situation is slightly better than other enterprises". According to the reporter's investigation, "cutting off loans" is not a rumored government order. According to insiders, in fact, Du Shuanghua is actively repaying some high-interest loans and short-term loans. At present, the loan of Jinghua Innovation Group has been basically paid off, and Rizhao Steel has also repaid some high-interest loans. "The reason for repaying the loan is, on the one hand, the reduction of funds needed for operation, and on the other hand, it is one of the means by which the company strives to reduce financial expenses, realize that cash is king and strive for all the profits that can be won." The above-mentioned insiders said. According to the meaning of this letter, for Du Shuanghua executives, "layoffs" and "loan cuts" are both regarded as a step in the conservative strategy and contraction tactics of Rizhao Steel and Jinghua Innovation Group. According to Du Shuanghua's plan, the first stage of conservative strategy is "slimming", the second stage is "shrinking" and the third stage is "hibernation". These three tactics are determined according to the actual situation and market situation of each branch. For example, "most of Jinghua Group should lose weight as soon as possible, enter a state of retreat, Jilin (Jinghua) should enter hibernation ahead of schedule, and Tangshan (Jinghua) should slow down its weight loss now because it is necessary to provide protection for Guangzhou (Jinghua) and Laiwu (Jinghua)". According to sources,1From October 28th to 30th, Du Shuanghua called the management of Rizhao Iron and Steel Company to hold an internal meeting. At the meeting, Du Shuanghua once again stressed that the company must implement a conservative strategy in the future, and asked everyone to take the stage to talk about their learning experience and understanding of the economic crisis. Interestingly, in June 5438+065438+ 10 and February 65438+2, 2008, Du Shuanghua increased its holdings of open source holdings (0 12 15. HK) twice passed Xinhe International Limited, which holds 85% of the shares, and became the largest shareholder of the company. According to the information of the Hong Kong Stock Exchange, Open Source Holdings has just transformed into a heat supplier at the beginning of the year. What is the purpose of Du Shuanghua's move? There is no answer yet. According to the financial information obtained by the reporter, as of June 3 1, 1 day, the total assets of Rizhao Steel were 32.8 billion yuan. Among them, current assets16.4 billion yuan, fixed assets15.6 billion yuan, long-term investment of 400 million yuan, intangible assets and deferred assets of 400 million yuan. In the first half of 2008, Rizhao Steel's sales revenue was 23.7 billion yuan and its total profit was 5.7 billion yuan. In 2007, the sales revenue was 24.5 billion yuan and the total profit was 5.8 billion yuan. According to a survey published by Hurun Report, Du Shuanghua's net assets are 35 billion yuan, which makes Du Shuanghua the richest man in the private steel industry. It is reported that this result is 20.

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