With the continued overcapacity of shipping, shipbuilding and ship recycling industries, China’s steel industry is also facing a problem of overcapacity, said Zhang Changfu, secretary general of China Iron & Steel Association during an industry conference, SinoShipNews reports. “The steel industry is facing an difficult time, the overcapacity of the industry is worsening,” Zhang warned.
The association projects crude steel output of the nation will reach 723m tons in 2012 while the consumption of the whole year is set to reach 679m tons.
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