A sharp reversal in China’s steel industry has led to more than half of major producers reporting losses last year.
Member companies of the China Iron and Steel Association suffered a combined loss of Rmb64.5bn ($9.8bn), compared with profits of Rmb22.6bn in 2014.
The country’s steel industry, which accounts for more than half of global production, contracted for the first time in almost 35 years in 2015, with raw steel production dropping 2.3 per cent — the first fall since 1981.
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