Brutal for the steel industry, with prices falling to 12-year lows as currency headwinds, oversupply and dwindling demand prevail, resulting in mass job cuts in the sector.
The fallout once again became clear on Friday, when the world's largest steel maker ArcelorMittal reported an annual loss of close to $8 billion in 2015, forcing the shares of the group down over 6 percent to the bottom of the pan-European STOXX 600, adding to the 60 percent losses seen in the last year.
While chief executive of the Amsterdam listed firm, Lakshmi Mittal acknowledged what a "difficult" year 2015 had been for steel and mining industries, he also suggested there was light at the end of the tunnel, as reforms in China look to be underway.
Analysts assessing the sector agree that output both inside and outside of China is showing signs of slowing and recent easing in Chinese policy further aimed at boosting the ailing construction sector in the country means 2016 could be the start of a turnaround for the industry.
"Looking ahead, although we have started to see a recovery in Chinese steel spreads from 2015 lows, 2016 will be another difficult year for our industries. It is clear that China has a challenge to restructure its steel industry for a lower growth economy but we are somewhat encouraged by recent comments concerning capacity closures," Mittal said in in a statement following the firm's earnings.
China currently makes around half of the world's steel and Mittal's comments come as the European Union's top trade official has urged Beijing to cut the overcapacity in its steel industry, according to reports this week, amid a deep crisis in the European industry.
Source: CNBC.com