Nanjing Chemical Fiber May Close Faboer
Nanjing Chemical Fiber announced that after Faboer thermal power plant shut down its coal-fired power unit, electricity price will hike and steam price will be much higher than cost price of captive power plant. Thus Faboer is no longer profitable of continuing VFY business and fails to provide Lenzing (Nanjing) with steam. Therefore, the company is faced with risks of stopping VFY production and steam supply, but main business development and continuous operation of the company will not be affected.
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