🕯 Steel Industry Faces Crisis Worse Than 2008
🟢 Baowu Steel, the world's largest steelmaker, has issued a stark warning about an upcoming crisis in the steel industry that could be even worse than the downturns of 2008 and 2015. Chairman Hu Wangming said that the challenges facing steel sector will be "longer, colder, and more difficult" than expected.
🟢 The industry is struggling as construction projects have sharply declined, leading to a surplus of steel and falling prices globally. Iron ore and rebar prices have dropped to their lowest levels in years.
Tough times are coming...
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