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World's Largest Steelmaker Warns: China is in a Severe Crisis Harder To Endure Than Expected
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2024-09-12
Baowu Steel Group (China), the world's largest steelmaker, warned that China's steel industry is facing a crisis more serious than the downturns in 2008 and 2015. According to the group's statement, this industry crisis may last longer and "be more unbearable than we expected."
China, by far the world's largest steel market, has seen steel prices slump to multi-year lows and steelmakers suffering losses as a result of real estate downturn and weak factory activities that have severely damaged domestic demand this year. The multiple warning signals from Baowu Steel, which produces about 7% of the world's steel, could worry rivals in Asia, Europe and North America as steelmakers across the world gird up the loins for a new wave of exports from China. China's steel industry suffered a devastating recession during the global financial crisis in 2008-2009, and was hit hard again in 2015-2016.
Baowu Group did not reveal much about the reasons for the current economic downturn. The company said cash now prioritizes over profits in weathering a long, harsh "winter".
寶武鋼鐵集團
中國
鋼價
房地產
產業危機
經濟低迷
需求疲軟
Baowu Group
China
steel prices
real estates
industrial crisis
sluggish economy
weak demand
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