Economics
Steel CEO Who Called China Slump Flummoxed by Cheery Miners
- Industry chief hasn't clue how iron-ore miners derive outlook
- China likely to close more mills as further weakness expected
This article is for subscribers only.
The steel industry executive who correctly predicted weakening Chinese demand three years ago is perplexed by the inability of the world’s biggest miners of iron ore to accept the new reality.
Producers of the steelmaking raw material including Rio Tinto Group, Vale SA and BHP Billiton Ltd. are expanding output in anticipation of China raising steel production to as high as 1 billion metric tons in the coming decades.