World’s Biggest Steel Producer Warns of ‘Severe’ Industry Crisis
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The world’s biggest steel producer sounded the alarm about an industry crisis in China that carries the potential to ripple around the globe and plunge the sector into a deeper downturn.
Conditions in China’s steel sector are like a “harsh winter” that will be “longer, colder and more difficult to endure than we expected,” China Baowu Steel Group Corp. chairman Hu Wangming told staff at the company’s half-year meeting, warning of a worse challenge than major traumas in 2008 and 2015.