Published: March 13, 2018 8:51 pm
China’s steel mills, a target of President Donald Trump’s ire, are the industry’s 800-pound gorilla: They supply half of the world’s output, so their every move has a global impact.
The steel industry swelled over the past decade to support a history-making Chinese construction boom. Once that tailed off, the country was left with a glut of half-idle, money-losing mills.
Beijing has closed some mills and eliminated 1 million jobs but is moving too gradually to defuse American and European anger at a flood of low-cost exports that is double the volume of second-place Japan.
Trump responded last week with a blanket tariff hike on steel and aluminum,…