China’s Steel Industry Sounds the Alarm Over Crisis Conditions - Bloomberg

2022-07-07 08:11:37 By : Mr. Kevin Xiong

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Bundles of steel tubes at a metal stock yard in Shanghai, China.

China’s steel mills are sounding the alarm over crisis conditions in the industry as margins plunge due to weak demand. 

The starkest warning yet has come from Hunan Valin Iron & Steel Group, which met this week to discuss the rapid downturn in the sector and the measures it needs to take to ensure the company’s survival, including halting unprofitable production. Citing industry experts, the mill based in southern China said it expects the crisis to persist for five years.