China Stock 中国证券

December 15,唐钢股份(000709.SZ) on major issues there is no precedence for asset restructuring announcement, the continued on the 8th of the first “had made substantial progress” message, but at the same time that there is still not uncertainty, company’s shares will continue the suspension.

At the same time, another important唐钢股份time also quietly opened a window, since the convertible bonds this week of Tangshan Iron & Steel (125709 quotes, data) into the new fiscal year, if the Open Later Tang Steel shares 30 consecutive trading day price of 13 yuan lower than the Convertible of 70 percent or 9.1 million, will face the might of its 3.0 billion cash to pay back the sale of pressure.

but唐钢股份shares before the suspension was only 4.28 yuan from 9.1 yuan has more than doubled the distance. Therefore being planned restructuring program, will have to consider this factor, a close Hebei Iron and Steel Group said.

唐钢股份steel industry is a microcosm: a decrease in demand for operating sluggish tight cash flow and stock prices fell sharply. But the industry in danger precisely because of mergers and acquisitions machine, iron and steel industry in 2008, the outbreak of large-scale restructuring was an evidence. From the beginning of the year so far, large-scale iron and steel have been 9 cases of mergers and acquisitions has created nearly 10 years, the highest on record.

12 13, Industry and Information Minister Li Yizhong, in a speech, will actively promote the focus of industry merger and reorganization of enterprises, encourage enterprises bigger and stronger, in its list of industry , iron and steel out ranked in the first place.

bigger and stronger steel industry: Japan’s steel industry Kam

experience “winter” started the second half of this year: a sharp decline in demand, the steel contracts dropped about 50 percent, business inventories serious industry-wide in the four months the level of crude steel production declined by 28 percent. Guosen Securities appears in: the development of the industry a “hard landing.”

, however, continue to spread in this industry is pregnant with danger in the M & A opportunities.

type of steel from the current stock price of view, early in November, nearly 40 listed steel companies in the 26 has fallen below its net assets, the recent rebound did not make the situation there is a big difference , iron and steel category valuation of listed companies has been lower than the lowest level in history, the existence of a large number of discount acquisition opportunities.

Association, according to China Steel, Baoshan Iron and Steel Institute data show that China’s steel industry, industrial concentration is very low, at present there are about 1200 domestic iron and steel enterprises, the former accounted for only 66 of the 79 percent capacity, This iron and steel and other major powers a far cry from the industrial concentration.

and the guidance of China’s iron and steel industry policy, “the iron and steel industry development policy” explicitly put forward: in 2010 the top 10 steel enterprise groups the country’s total steel output ratio of output to reach more than 50% in 2020 over 70%, as the state’s new iron and steel projects strict examination and approval system, so the improvement of industry concentration will obviously be achieved mainly by mergers and acquisitions.

steel industry development track: “the industry can yield big, backward产能增加→ profit fell backward production capacity, industry profits → backward differentiation capacity out, mergers and acquisitions lead to production of large enterprises to focus on stronger → industry as a whole” Zhongyuan Securities analyst Hu Hao that China is currently in the development of the second stage and into the fourth stage of the speed and effectiveness will depend on the third stage of implementation.

many people in the trade pointed out that the adjustment in the industry on mergers and acquisitions to turn adversity into opportunity, neighboring countries can learn from Japan is a case in point.

1973 years 12 months, the largest post-World War II, the extent of the deepest economic crisis in the world - the “oil crisis” broke out, as long as the steel industry after 8 years of rapid development into the winter. Response measures taken by Japan is one of the first reduction operations, curb the scale of the expansion of enterprises, strengthen the technological transformation and equipment renewal, and then through the merger integration “bigger”, the upgrading of the structure “strong.”

adjusted after the Japanese steel industry, not only the birth of a Nippon Steel, JFE and other international steel giant, at the same time realized the power of steel from iron and steel Powers rise. To the second half of 1979 the second oil crisis, Japan’s steel industry due to upgrading of the industrial structure has been completed by the impact of the crisis to the minimum, the steel industry in other countries experiencing深幅调整again.

on countries to respond to crisis after comparison, Hu Hao come to the conclusion: The best way to deal with the crisis is similar to Japan’s elimination of outdated production capacity, merger integration “bigger”, the upgrading of the structure to do Strong and other measures to enhance “Internal Strength.” Ping’an Securities

Senior Fellow steel industry聂秀Yan believes that in 2009, the steel industry adjust to the enterprises, is a challenge, but also full of opportunities, in industrial restructuring, the response to the lower reaches of the demand for adjustment of product structure, and timely mergers and acquisitions business, will the next round of economic cycle is expected to stand out.2008-12-20

9并购危机冲击的不锈钢冶炼10年的纪录？

12月15日，唐钢股份（000709.SZ）在重大问题上是没有先例的资产重组公告，对第一个“取得了很大进展第八”的消息不断，但同时仍存在不确定性，公司的股票将继续停牌。

在同一时间，另一重要唐钢股份时间也悄悄地打开一个窗口，因为这可换股债券唐山钢铁本周进入新的财政年度（125709行情，资料），如果打开之后唐钢股票连续30个交易13元人民币的百分之七十或9100000转换，将面临3.0亿美元现金的可能，回报低的压力一天的价格出售。

但唐钢股份股票停牌前只有4.28从9.1元元增加了一倍以上的距离。因此，计划中的重组计划，将不得不考虑这一因素，密切河北钢铁集团说。

唐钢股份钢铁业的一个缩影：在经营不景气紧张的现金流和需求下降，股票价格大幅下跌。但在正因为并购机，铁，2008年钢铁工业的危险行业，大规模重组爆发就是证明。从今年年初至今，大规模的钢铁已经9兼并和收购案件创造了近10年来的最高纪录。

12 13，工业和信息化部部长栗一种在一次讲话中，将积极推进行业企业兼并重组为重点，鼓励企业做大做强，在工业，钢铁出排名名单，摆在首位。

做大做强钢铁工业：日本钢铁业鉴

经验“冬天”，启动了今年下半年：在需求急剧下降，钢铁合约下跌了约百分之五十，商业库存严重的行业，在4个月大的粗钢生产水平下降了百分之二十八。国信证券出现在：该行业“硬着陆的发展。”

，但是，继续在蔓延，这两个行业在怀孕与并购机会的危险。

类型的观点，从目前的股票价格的钢材，11月初，近40列在26以下，其净资产下降，最近的反弹并没有使局势有很大的不同钢铁公司，钢铁类上市公司估值已低于历史最低水平，一个折扣收购机会大量存在。

协会，据中国钢铁，宝山钢铁协会的数据显示，中国钢铁行业，产业集中度很低，目前大约有1200国内钢铁企业，前只占66容量的百分之79，这个钢铁等，从产业集中度相去甚远的主要权力。

与中国钢铁产业政策指导下，“钢铁产业发展政策”明确提出：在2010年前10名钢铁企业集团占全国钢产量的产量比例将超过50％在2020年超过70％，作为国家新的钢铁项目，严格审批制度，使产业集中的改善，明显地，主要是通过兼并和收购。

钢铁工业发展的轨道：“该行业可产生巨大的，落后的产能增加→利润下降了落后生产能力，行业利润→落后的分化能力的，并购导致大企业的生产集中强→整个“中原证券分析师胡好行业，中国目前正处于第二阶段的发展和进入的速度和效益的第四个阶段将取决于执行第三阶段。

在许多业内人士指出，该行业的合并和收购调整，转危为机，周边国家借鉴日本是一个很好的例子。

一九七三年12个月，最大后的第二次世界大战，在最深的世界经济危机的严重程度- “石油危机”爆发后，只要钢铁行业经过8年的快速发展进入冬季。日本应对措施采取的是第一次裁减业务之一，遏制企业扩大规模，加强技术改造和设备更新，并通过合并整合“大”，才结构的“强升级。”

调整后，日本钢铁业，同时不仅一新日铁，JFE和其他国际钢铁巨头，出生实现了钢材的钢铁大国的崛起力量。到1979年下半年第二次石油危机，日本的钢铁工业由于产业结构升级已经完成了危机的影响减至最低，在经历一次深幅调整其他国家钢铁工业。

各国在应对危机比较之后，胡灏得出的结论是：最好的方式来处理危机类似于日本的落后产能淘汰，并购整合“大”的升级结构不强和其他措施，以加强“内功”。平安证券高级研究员

钢铁工业聂秀燕认为，在2009年，钢铁工业调整的企业，是一个挑战，但也充满机遇，在产业结构调整，到下游的反应在对产品结构调整的需求，及时合并和收购业务，将是下一轮经济周期可望脱颖而出。2008-12-20