Steel enterprises that have just emerged from a trough are once again facing financing difficulties.

On February 10, the CSRC held a regular press conference. CSRC spokesperson Deng Ge stated that the scale of direct financing should be expanded, the refinancing behavior of listed companies should be regulated, and raised funds should be restricted from being used to repay bank loans; the central government's "three cuts, one reduction, and one补" policy should be implemented, and the IPO and refinancing of steel and coal enterprises should be strictly restricted.

The China Bond Credit Rating research team believes that the above CSRC policies directly restrict the IPO and refinancing of steel enterprises, especially restricting refinancing where raised funds are used to repay bank loans, and listed steel enterprises will lose the financing advantage facilitated by listing shell resources. A First Financial reporter found through an incomplete review that, in fact, the primary purpose of steel enterprises currently intending to raise funds is still to repay bank loans, thereby reducing the debt pressure on enterprises. The relevant statements by the CSRC are undoubtedly negative news for steel enterprises harboring this purpose.