In the first 11 months of 2012, the 80 major steel makers posted a loss of 1.97 billion yuan, said Wang Qinghai, chairman of the association, during a meeting this weekend.
"That suggests investors expect the new leaders will try to avoid any bond default, " says Wang Yingfeng, a bond-fund manager at Yaozhi Asset Management Co. in Shanghai, which has two billion yuan in assets under management.