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China's slowdown is killing thousands of steel jobs

China: The 'other' economic indicators

The global steel industry is feeling the chill from China's economic slowdown.

The world's biggest steel producer stands accused of dumping its unwanted steel on other markets, forcing rivals to close their plants and put thousands of people out of work.

China produces half of the world's steel, more than the United States, European Union, Russia and Japan combined.

The country's construction boom of the last decade meant its steelmakers could rely on steadily growing demand at home. But the building bonanza is over, and China's economy is experiencing a broader slowdown.

The World Steel Association expects China's demand for steel will drop 3.5% this year, and by a further 2% in 2016.

That means China has a lot of steel it doesn't need, which is now flooding onto other markets at prices...


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