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This pretty much says it all:

Mr. Brian Lin, chief executive officer of China Fire, commented, "In recent months, the iron & steel industry witnessed lower steel prices and, at the same time, a significant increase in production costs. As such, our core customers -- China's mid-to-large iron & steel manufacturers -- have experienced a squeeze in profits and cash flows. In light of this, we have also adopted cautious measures to preserve our cash by slowing some of our ongoing projects in order to control expenditures."

Full release is here:

It's gotten so bad that CFSG has slowed its previously aggressive revenue recognition, which makes me suspect that a receivables write-down could be coming down the line.

Stock (rightly) down 12%.

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