Bolivia Steelmaker Weighs Deducting Mill Losses From China Loan
A worker walks through the steel industrial complex 'Mutun' near Puerto Suarez, in the Bolivia-Brazil border.
Photographer: Aizar Raldes/AFP/Getty ImagesBolivia’s state steel company is feuding with the Chinese engineering firm that built its flagship plant, and says it may seek to deduct some of the $100 million in losses from repayments to its lender, the Export-Import Bank of China.
Empresa Siderúrgica del Mutún entered into a $460 million turnkey contract with Sinosteel Equipment & Engineering Co. a decade ago for a complex to make products for construction. Mutún received about $400 million from China Eximbank to finance the plant.