China's Steel Mills Need to Shrink
In the space of 30 years, China has become the world’s largest steelmaker by a long margin. Decades of rapid economic growth fed huge demand for infrastructure and housing, all of which required massive volumes of steel. As the Chinese economy slows, however, all that capacity is proving a burden both economically and environmentally. Chinese steelmakers churned out 822 million tons of steel last year, losing an average of $50 on every ton. Meanwhile, their outmoded, polluting plants account for most of the global iron-and-steel industry’s enormous 6.7 percent contribution to global carbon emissions.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Trump's Numbers Are Really, Really Bad
- North Korea Is Playing a Longer Game Than the U.S.
- Has Trump Fixed the 'Worst Deal Ever'? Kinda, Sorta
- Authoritarian Cryptocurrencies Are Coming
- The Long-Term Stock Exchange Is Worth a Shot
- California Can't Make Trump an Ethical President
- Why Weinstein Held On For So Long and Fell So Fast