World’s top steel producer warns of ‘severe’ industry crisis

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World’s top steel producer warns of ‘severe’ industry crisis - Business Mirror

Quick Summary:

The world’s biggest steel producer sounded the alarm about a crisis in China that carries the potential to send global shock waves, warning of a deeper industry downturn than major traumas in 2008 and 2015.

Global investors are lasered onto China’s struggling economy, even as they also contemplate the possibility of a recession in the US, with the Federal Reserve moving toward interest rate cuts.

Shipments from China are on track to reach about 100 million tons this year, the highest since 2016, as producers there scramble to offset a domestic slowdown.