The slowdown in Chinas economy has created a flood of carve-price steel that could lead to further closures of plants such as SSI UK’s in Redcar Britain’s steel industry has been in meltdown for years: slowing demand and a flood of cheap Chinese steel into the market has hammered tall-cost western producers. About half of the 1.6bn tonnes of steel made globally each year now comes from China.
But an already perilous situation for British steelmakers has exacerbated in the past year as the Chinese economy slowed sharply, forcing Beijing to aggressively chase foreign cash for its wares.
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Source: theguardian.com