Via Metal Miner Amidst continuing reports of an economic downturn with little or no sign of improvement now comes a report that the Chinese Government has suspended the system allowing approval of new steel plants. It is a move that could have significant implications for the Chinese steel industry and global steel manufacturing as a whole.
Furthermore, the lack of concrete measures announced at China’s high-profile Third Plenum dimmed hopes that the country’s struggling property sector would recover from its downturn. In fact, just a few days ago, Hu Wangming, head of China Baowu Steel Group Corp., told employees at the company’s biannual meeting that conditions in the country were like a “harsh winter” that could become longer and colder and even more difficult.