Caixin
Jul 22, 2022 03:38 AM
ECONOMY

Baowu Joins Rivals in Warning of Crisis Conditions

Baowu’s operations now span the western Xinjiang region to the eastern province of Shandong, producing 120 million tons last year
Baowu’s operations now span the western Xinjiang region to the eastern province of Shandong, producing 120 million tons last year

(Bloomberg) — The world’s top steelmaker added its voice to a growing sense of alarm among China’s mills over crisis conditions in the industry due to poor demand and plunging profits.

China Baowu Steel Group warned of headwinds due to a “complex macro economy” and the severe impact of Covid flare-ups across the country, according to a posting on the group’s WeChat account. Weak demand, falling prices and declining profitability are causing “great challenges” for the sector and testing the group’s production and operations, it said.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code