Steel Is Key to China's Property and Auto Sectors. Don't Expect a Cutback - Bloomberg

2022-06-16 03:17:39 By : Mr. Wiikk Wiikk

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The government wants to reduce the industry’s carbon footprint, but there’s overwhelming demand from a property sector that covers the equivalent of Lebanon in new real estate each year.

How’s China’s plan to rein in steel production going? Don’t ask.

Beijing has been trying to bring the industry that produces half the world’s ferrous metal to heel since the middle of the last decade. Production had grown well beyond demand and might fall 20%, the chairman of the biggest steelmaker Baoshan Iron & Steel Co., Xu Lejiang, said back in 2015.