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China shrinking steel industry, but too slowly for West

AP  |  Beijing 

China's mills, a target of US Donald Trump's ire, are their industry's 800-pound gorilla: They supply half of world output, so every move they make has a global impact.

Trump responded last week with a blanket tariff hike on and aluminum, another China's trading partners complain it oversupplies.

The industry swelled over the past decade to support a history-making Chinese construction boom. Once that tailed off, the country was left with a glut of half-idle, money-losing mills.

has closed mills and eliminated 1 million jobs but is moving too slowly to defuse American and European anger at a flood of low-cost exports that is double the volume of second-place

says it shut down 30 million tons of capacity last year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 09:35 IST
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