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China’s Top Steel Mill Adds Its Voice to Industry’s Alarm

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The world’s top steelmaker has added its voice to the growing sense of alarm among China’s mills over crisis conditions in the industry due to poor demand and plunging profits. 

China Baowu Steel Group warned of headwinds due to a “complex macro economy” and the severe impact of Covid flareups across the country, according to a posting on the group’s WeChat account. Weak demand, falling prices and declining profitability are causing “great challenges” for the sector and testing the group’s production and operations, it said.