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China shrinking steel industry, but too slowly for West

News Summed Up 2018-03-12 05:30:00

In this March 5, 2018, photo, a man works at Xiwang Special Steel in Zouping County in eastern China’s Shandong province. China’s steel mills, a target of U.S. President Donald Trump’s ire, are their industry’s 800-pound gorilla: They supply half of world output, so every move they make has a global impact. (Chinatopix via AP) (Associated Press)BEIJING — China’s steel mills, a target of U.S. President Donald Trump’s ire, are their industry’s 800-pound gorilla: They supply half of world output, so every move they make has a global impact. Trump responded last week with a blanket tariff hike on steel and aluminum, another metal China’s trading partners complain it oversupplies. The steel industry swelled over the past decade to support a history-making Chinese construction boom.


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