The slowing Chinese economy and the rising steel imports are impacting the long-term economic competitiveness of the steel sector, Tata Sons chairman Cyrus Mistry wrote to shareholders in the Tata Steel Annual Report for 2014-15.
“The last 12 months saw the manifestation of several global macro risks that could have a long and deep impact on the world economy that is likely to influence the shape of the economic cycle in the future. The key amongst them was the slowdown in the Chinese economy,” the chairman noted in the report.
Over the last decade China has added substantial steelmaking capacity taking its share of global steel production to double to 50%. With the decline in Chinese steel consumption, the exports from the country is at an all time high.
Chinese steel exports surged to an all-time high of over 100 million tonne in fiscal 2015 creating a cascading effect on other steel producing nations.
Source: Financial Express
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