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Originally Posted by mapuc
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China can produce that way only because the state subsidize it, they have deep pockets and the goal is to become 1st, all financed by the state. Rising exports from 2023-2024 led to global oversupply, price drops, and tariffs, prompting China to halt new steel mill approvals and encourage overseas investments. China's central government has also worked to phase out unprofitable "zombie" companies while pushing for stricter environmental controls on steel production. China produced over 1 billion tonnes of crude steel in 2022, 52.9% of the world's total production. Ukrainian iron and steel industry accounts for around 2% of worldwide crude steel output.