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Chinese banks step up financial support for state coal, steel firms

China Construction Bank Corp. signed a framework agreement for 30 billion Chinese yuan worth of debt-for-equity swaps with state-controlled coal and steel companies in the eastern Anhui province, Reuters wrote Dec. 29, citing Xinhua News Agency.

The bank signed deals with Huainan Mining Industry (Group) Co. Ltd., Huaibei Mining Group and Magang (Group) Holding, the parent of Maanshan Iron & Steel Co. Ltd., among others.

The bank will also provide Huainan Mining, Huaibei Mining and Wanbei Coal-Electricity Group with more than 30 billion yuan of credit in the next five years.

In November, the bank struck a US$739 million debt-for-equity swap with Xiamen CCRE Group Co. Ltd.

Earlier this week, Industrial and Commercial Bank of China also signed three debt-for-equity swaps with highly indebted coal and steel producers in Shanxi province.

The companies include Taiyuan Iron and Steel (Group) Co. Ltd., Datong Coal Mine Group Co. Ltd. and Yangquan Coal Industry (Group).

The total value of the ICBC deals was 30 billion yuan and will reduce the companies' leverage by up to 10%, according to Reuters.

As of Dec. 28, US$1 was equivalent to 6.95 Chinese yuan.