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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: