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China shrinking steel industry, but too slowly for West

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

Published: 12th March 2018 10:53 AM  |   Last Updated: 12th March 2018 10:53 AM   |  A+A-

A man works at Xiwang Special Steel in eastern China's Shandong province. | AP

By Associated Press

BEIJING: China's steel mills, a target of US President 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 steel and aluminum, another metal China's trading partners complain it oversupplies.

The steel 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.

Beijing 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 Japan.

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



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