China Steelmakers Issue Stark Warning About Second-Half Outlook
- Leading mills highlight soft demand and pressure to cut costs
- Iron ore futures slump in Singapore as traders assess outlook
Steel mills in China have struggled this year.
Photographer: Maurice Tsai/Bloomberg
This article is for subscribers only.
China’s leading steelmakers warned the industry faces a very challenging second half as demand disappoints, profitability lags, and pressure to cut costs mounts in the world’s top producer.
Representatives from China Baowu Steel Group Co., Ansteel Group Co., Hesteel Co. and Hunan Iron & Steel Group Co. said they are “not optimistic” about the coming six months, the China Iron & Steel Association said after the four companies attended a meeting organized by the industry body this week.