G Steel unveils debt strategy
Firm plans to return to profitability this year
- Published: 18 Jan 2013 at 00.00
- Newspaper section: Business
The new management team of G Steel Plc (GSTEL) has announced a turnaround plan for Thailand's leading hot-rolled steel maker, targeting to sharply lower its debt to US$400 million from US$550 million within three months and return to profitability this year.
From left: Chan Bulakul, financial adviser, Gen Lertrat Ratanavanich, the new board chairman, and Somsak Leeswadtrakul, the new vicechairman of G Steel. PAWAT LAOPAISARNTAKSIN
Some $100 million worth of new shares will be issued by G Steel and its subsidiary GJ Steel Plc (GJS) at the end of this month. The two have a combined capacity of 3.3 million tonnes a year.
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