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China's steel industry may be in red this year

(CMIC)
Updated: 2009-06-15 17:22

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Xu Lejiang, chairman of China's largest steelmaker Baosteel Group claimed that China's steel industry may post a loss for 2009 as overproduction persists in a weak global market. Players remained cautiously optimistic about the recent recovery that has lasted for the fifth week as of last week. Mills have been under pressure due to the surge of some imported steel products with a lower price than that of household ones and overcapacity

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