September 18, 2012
As Goes Steel, So Goes China
Gordon Chang, Forbes
Mills are cutting production, losing money, and trying to dump inventory. Why is Beijing authorizing the building of even more of them? At a time when as much as a quarter of the nation’s steelmaking capacity is going unused and many mills will not restart production after the summer repairs, the National Development and Reform Commission approved the building of two more plants with a total construction cost of $20.5 billion.
TAGGED: steel production, steel, China