or so of the world’s annual output of 1.6 billion tonnes is produced by China.
tons is the estimated surplus steel that China will produce this year according to analysts at UBS, an investment bank.
$ 11 billion
estimated losses during the first ten months of this year faced by China’s 101 biggest steel, according to one estimate, with prices slumping.
100 million tons of steel have been exported by China this year; this is now bigger that the total steel production of any country apart from Japan, prompting steel industries in other countries for action to stop what they consider as illegal dumping of subsidised product.