China shrinking steel industry, but t...

China shrinking steel industry, but too slowly for West

Mar 11, 2018 Read more: SFGate
BEIJING (AP) - 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. Once that tailed off, the country was left with a glut of half-idle, money-losing mills. Beijing has closed mills and eliminated 1 million jobs but is moving too slowly to defuse American and European anger at a flood of low-cost exports that is double the volume of second-place Japan.

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