For China, Too Much Steel Isn't Enough

To combat a slack economy, China is building mills it does not need
An official in Guangdong kisses a document approving an $11 billion steel plant

For now, it’s nothing more than an expanse of muddy land lying just off the southern Chinese province of Guangdong. But Baosteel Group’s planned $11 billion steelworks will eventually transform the sleepy island of Donghai. Land is being reclaimed from the sea for a plant that by 2015 will produce 10 million metric tons of high-grade steel annually.

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