Minsheng Bank backs Highsee

China Minsheng Bank said it is working with other banks and authorities to help Shanxi-based steel maker Highsee Group to weather its current difficulties, financial news website caijing.com.cn reported Friday.

Many steel traders are facing a capital crunch given the sluggish market, but now the risk is moving upward to steel makers.

The report said that Highsee Group has defaulted loans in several banks as the company is suffering from capital pressure amid the sluggish market.