World’s biggest steel producer Baowu warns of ’severe’ industry crisis

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World’s biggest steel producer Baowu warns of ’severe’ industry crisis

China’s steel industry is facing a crisis more serious than the downturns of 2008 and 2015, the leading producer has warned, highlighting a need to preserve cash and likening conditions to a “severe winter”.

The crisis will likely be “longer, colder and more difficult to endure than we expected”, Hu Wangming, chair of China Baowu Steel, told the company’s half-year meeting, according to a statement.

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