Special steelmaker files for bankruptcy

Rest of industry was profitable last year, but the Dalian-based firm took on too much debt

Dongbei Special Steel Group Co Ltd, a State-owned steelmaker in northeastern China, started bankruptcy proceedings on Monday.

It is the first steel company to go bankrupt in the endeavor to restructure the country's iron and steel industry, according to a statement made by the company's listed subsidiary Fushun Special Steel Co Ltd.