Text | Hua Shang Tao Li Wu Su
Many people feel that the use of capital, the steps are bigger, the money is faster, do not know, capital is not so easy to "play", if you are not careful, you will be difficult to walk, and even fall into the "life and death game"!
For this, among the Chinese enterprises that feel deeply, Tianjin Steel Pipe Group counts as one. For Tianjin steel pipes, Tianjin people are accustomed to calling it "big seamless", and the so-called "big seamless" refers to the "seamless steel pipe" it produces.
People outside Tianjin may not be familiar with the name of Tianjin steel pipe, but the steel pipe it produces is closely related to everyone.
This is because, in the early 90s of last century, the localization rate of petroleum pipes was less than 10%, and more than 90% relied on imports from the West, and it was Tianjin Steel Pipe that gradually broke the Western monopoly since its production in 1992, helping the localization rate of petroleum pipes to increase to more than 95% at present.
From the perspective of revenue, Tianjin steel pipe can also be hit. In 2015 alone, Tianjin Steel Pipe exported 640,000 tons of steel pipes, and the export earned foreign exchange of 600 million US dollars, about 3.8 billion yuan.
Tianjin steel pipe is so tough, on the one hand, it is the result of the enterprise's attack, on the other hand, it is boosted by the state.
According to media reports, the old man who drew a "circle" in South China personally asked, and the "big seamless" project then quickly cut into the field of oil casing with an efficiency similar to the "Shenzhen speed", and the results continued.
It is reasonable to say that this is a legend of Chinese manufacturing to break the Monopoly of the West and counterattack to the peak of the market, no one expected that in the process of playing with capital and accelerating expansion, Tianjin Steel Pipe has repeatedly fallen into a "life and death situation".
According to media reports, because of the initial huge investment, especially the expansion of the following years, by October 1999, the debt of Tianjin Steel Pipe had reached 10 billion yuan.
Why do you owe so much money? The answer is debt expansion.
The media has revealed that with the support of bank funds, the annual production capacity of Tianjin steel pipes has developed from hundreds of thousands of tons to two or three million tons, more than seven times in a few years, becoming the first in the production and sales of seamless steel pipe industry, but these capacity expansions are basically completed by borrowing.
When the steel industry is good, it seems that this is not a big problem, after all, the bank will still ask the steel company to "send money", but if the market is not good, the bank will chase the steel company to collect debts.
In the view of experts, the role of banks in the steel industry is to "play umbrellas on sunny days and collect umbrellas on rainy days", and in the ups and downs of the market, Tianjin Steel Pipe has accumulated tens of billions of debts and "involved in a large-scale debt crisis".
At this time, if no one shoots, what awaits Tianjin Steel Pipe will be the "bottomless abyss", but the four major state-owned asset management companies such as Cinda Assets, which were established in the same period in 1999, joined forces to undertake its debts and temporarily invested in Tianjin Steel Pipe.
The following year, benefiting from the financial pressure reduction of the debt-to-equity swap, Tianjin Steel Pipe passed the dangerous stage and "stepped onto the right track".
Tianjin Steel Pipe recovered a life from the debt crisis, but the "sequelae" of capital operation, within a few years, once again appeared, and it is also a "deep pit" of nearly 200 billion yuan.
To put it simply, after the four major state-owned asset management companies helped Tianjin Steel Pipe "get out of danger", in 2003, an agreement was reached with Tianjin Municipality, and the four companies withdrew from the list of controlling shareholders of Tianjin Steel Pipe, and Tianjin Steel Pipe Holdings, a state-owned company specially established by Tianjin Municipality, held 90% of the equity.
At this point, Tianjin steel pipe is still "stable", but in 2009, in order to cope with the economic situation after the financial crisis, the restructuring of steel companies became a trend.
In view of the "general trend", in 2010, Tianjin municipality jointly established four state-owned steel enterprises of Tianjin Steel Pipe, Tianjin Iron and Steel, Tianjin Tiantie Metallurgy and Tianjin Metallurgy into Bohai Iron and Steel.
Among the four enterprises, Tianjin Steel Pipe is the most competitive and the most efficient, so it opposes the merger. However, after the last capital operation, it is impossible to fully grasp its own direction, coupled with the tianjin-led merger, Tianjin steel pipe is still included, a set of sintering, ironmaking, steelmaking, continuous casting, rolling steel, metal products production as one of the "big Mac" Bohai Steel was born, in 2014 into the "Fortune" magazine selected the world's top 500.
But like the previous Tianjin steel pipe, Bohai Iron and Steel has also committed the "big taboo" of untimely expansion, and the most speechless thing is that the price of steel has fallen to the "cabbage price", and Bohai Steel is still borrowing debt to expand.
Long-term debt, the more Bohai steel expands, the deeper the "pit". According to Caixin, Bohai Iron and Steel eventually involved a financial debt amount of up to 192 billion yuan, involving a total of 105 creditors, and the three banks with the largest amount of money were each tens of billions of yuan.
Media analysis said that Bohai Iron and Steel owes huge debts, which is related to the bank's early years. If nothing else, at the beginning of its establishment, Bohai Iron and Steel obtained a total of 100 billion yuan of credit lines provided by 8 banks.
In turn, Bohai Iron and Steel caused a debt crisis, not only the bank will chase debt, but also affect its Tianjin Steel Pipe, its original tens of billions of bank credit lines have been affected, banks have become more cautious, individual foreign banks even directly "make up the knife", hundreds of millions of yuan of loans, until another 16.7 billion yuan of loans to control the situation.
In the face of huge debts, in 2018, Bohai Iron and Steel went bankrupt and reorganized, becoming the world's top 500 in four years, and declaring bankruptcy in four years, shocking the industry with rapid life and rapid death.
There is no way, Tianjin can only take the method of "breaking into pieces and breaking each one", the other three are reorganized, and Tianjin Steel Pipe is restored to "independence".
Perhaps the lesson is too heavy, in recent years, Tianjin steel pipe has become more pragmatic, not to strengthen the recycling rate of wastewater, a year to save 23 million, is to be honored with the national science and technology awards, China quality award list, but also strive to take the high-end road, the first few days rolled bimetallic composite seamless steel pipe successfully, refreshing the domestic variety of a hot rolling count record.
In the final analysis, manufacturing enterprises "play" capital, we must be cautious, the far-reaching influence of the Chinese people of manufacturing enterprises should be so, focus on research and development and production, slow is fast, stable to win!
Resources:
1. "Tianjin Steel Pipe Group (Great Seamless) and the world "seamless docking"", tonight newspaper
2. "The Sadness That Only Tianjin Understands: The Life and Death Game of "Great Seamlessness"", Phoenix Tianjin
3. "192 Billion Debt Tops: Bohai Iron and Steel Faces Debt Restructuring", Chinese entrepreneur
4. "Take the road of high-end products, TPCO adds "hardcore" products! TPCO Sky Tube Online
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