The change will result in the Japanese firm’s production capacity in China falling by 70%

Cleveland-Cliffs and union campaigned against Nippon Steel’s bid, despite its benefits to Japan-U.S. alliance

CATL signs battery deal with Detroit EV maker; Li Auto starts construction of new Beijing factory; electricity prices rise in Shandong and Jiangsu

As part of its efforts to reduce carbon emissions, China’s drive to cut steel output has pushed down the cost of the key ingredient iron ore, widening the margins of the Japanese company

China strengthens its dominance as rivals elsewhere grapple with falling demand

Top Chinese manufacturer matches Japan rivals in quality of electrical steel sheet

Upset symbolizes Asian nation’s missed opportunities to cut excess capacity