China’s steel industry, which has grown at an unprecedented rate, with production increasing more than sevenfold over the past two decades, is now facing significant overcapacity challenges.
This overcapacity has led to a glut of cheap steel flooding global markets, severely impacting steel industries in the United States and Latin American countries. Concerns are mounting in these countries over the loss of thousands of jobs and the long-term sustainability of their steel sectors, prompting urgent calls for protective measures and policy interventions.
