Chinese steelmakers try to export their way out of trouble

Last Modified: Mon Dec 14 2015 06:37:13 GMT+0530 (India Standard Time)
  • 50%
    or so of the world’s annual output of 1.6 billion tonnes is produced by China.
  • 441 million
    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
    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.