BEIJING - Xiao Jiashou once inspired thousands of aspiring entrepreneurs from his hometown in Fujian Province to come to Shanghai to try their hand at trading steel. Now many of the steel traders from Zhouning are following him into financial ruin.
Xiao, who came to be known as the "king of the steel trade," is facing dozens of lawsuits by bank creditors who in late January won court orders freezing millions of dollars worth of assets, including a stake of about 30% in Ningxia Xinri Hengli Steel Wire.
