China cuts steel import tariffs to push industry to improve

A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory in Hangzhou, Zhejiang province, China, Mar 2, 2020. BEIJING: China suspended some import taxes on steel Wednesday as part of a multiyear campaign to use market pressures to force Chinese producers to shrink and become more energy efficient and profitable.

China produces about half the world’s steel but a slowdown in demand as an economic boom cooled after 2008 left excess production capacity and led to price-cutting wars, a surge in exports and heavy financial losses.

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