China's steel industry fragmentation worsening: official

FILE PHOTO: A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. REUTERS/Damir Sagolj

Beijing has been trying to consolidate the world’s largest steel market to curb excess capacity and pollution and has set a goal for its top 10 steelmakers to own 60% of production capacity by 2020. “There are some places using steel as a key contributor to economic growth as demand is robust,” Gan told Reuters on the sidelines of an industry event, adding some regions in China were not managing overcapacity controls very strictly.

Gan warned of growing competition in high-end products too. “There are signs of overcapacity in stainless steel, electrical steel and auto sheet steel,” he said.

I’ve worked in heavy Engineering for 40 years....Chinese steel may be cheap but it’s the worst quality I’ve ever worked with...I’ve found some of it to be downright dangerous. I would have ZERO sympathy if the whole Chinese steel industry collapsed.

🤣🤣 What? You mean capitalism is winning over communism? Small mills undermining government mills? For Mao's sake. 🤣🤣

Good news for our wounded planet.

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Source: CNBC - 🏆 12. / 72 Read more »