The state-owned steelmaker Dongbei Special Steel, headquartered in Dalian in northeast China's Liaoning Province, has defaulted on corporate debts nine consecutive times, with debts of several billion yuan.

The company entered bankruptcy restructuring on Oct. 10. The declaration of credits concluded while processes such as debt recognition and appraisal of properties and funds are under way. The meeting was held by Dalian Intermediate People's Court and attended by 374 creditors.

With the rising of the steel price some companies such as Baowu group, Ansteel group, Citic Pacific and Bensteel group wanted to take overthe Dongbei Special Steel.