The world’s largest steelmaker has warned that Chinese producers are in a fight to survive a severe and more protracted “winter” than previous downturns, as the property market in Asia’s largest economy suffers a crippling multiyear slump.
The steel industry “winter”, or crisis, was likely to be “longer, colder and more difficult than we expected”, said Hu Wangming, chair of China Baowu Steel Group, on Wednesday, according to a company statement detailing the firm’s recent meeting of half-year results.
The global steel sector faced devastating slumps in 2008 and 2015 that led to consolidation of China’s fragmented producers. Baowu itself was formed out of a merger between Baoshan Iron and Steel and Wuhan Iron and Steel in 2016.
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