Nanjing Iron & Steel guarantees subsidiary's debt

Nanjing Iron & Steel (SSE:600282) announced it has provided a guarantee for its holding subsidiary, KinXiang New Energy Technologies Indonesia, up to a maximum amount of $4 million. This guarantee is part of the company's previously approved plan to provide credit guarantees for subsidiaries. As of the announcement date, the outstanding guarantee balance for KinXiang New Energy is 1.468 billion yuan (excluding this guarantee). As of the most recent balance sheet, the company's total external guarantees amounted to 9.045 billion yuan, with guarantees to its subsidiaries totaling 5.973 billion yuan, accounting for 34.08% and 22.50% of the company’s net assets, respectively. The company cautions investors to note that KinXiang New Energy has a liabilities-to-assets ratio exceeding 70%.