China expected to become net steel exporter
6 November 2007
China is on a path to become a net steel exporter as output rises faster than demand, according to a top industry executive, Bloomberg reported. Wang Chengxue, assistant to the general manager of Baoshan Iron and Steel's stainless steel unit, said that the domestic steel market is not growing fast enough to absorb China's rapidly expanding steel production. China surpassed Japan as the world's largest steel producer in 2006. Higher market prices for finished steel and nickel, a key raw material, have hurt some steel companies' profits. Baosteel has raised its production of steel by 19% after cutting back by 25% in the third quarter of 2007.
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