China’s Steel Slump Set to Worsen as Heavyweights Warn of Slowdown

(Bloomberg) — China’s steel-industry slowdown looks set to deepen, with BHP Group Ltd., the world’s biggest miner, and China Baowu Group Ltd., the top iron ore buyer, flagging concerns as demand fades after decades of growth.

While both BHP and Baowu’s listed unit posted relatively healthy profits on Tuesday, their downbeat comments on the outlook for steel will intensify global concerns about a worsening slump. Baoshan Iron & Steel Ltd. pointed to “sluggish” consumption, while BHP CEO Mike Henry highlighted China’s real estate sector and “uneven” recovery.