Steel Industry in China Weakens as an Economic Transition Reduces Demand

The steel industry of China, accountable for half of the global steel production, has been showing signs of a slowdown this year. The country’s production levels and consumption of steel has dropped, with the steel mills producing less in the first two months of the year. This is due to a major economic shift with government efforts to reduce reliance on manufacturing for growth. According to data published by the Statistics Bureau of China, the crude-steel production for the January-to-February period dropped 5.7% from a year earlier to 121.07 million metric tons. The output of steel products fell 2.1% to 162.28 million tons.

Read Full News At: http://www.researz.com/steel-industryin-china-weakensas-economic-transition-reduces-demand

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