Posted on 02 Oct 2012
It’s reported that China biggest steelmaker Baosteel has decided to close a plant in Shanghai due to the lack of demand and weakened growth in the world’s second largest economy.
Baosteel is the first major steelmaker to announce a plant closure for avoiding further operational losses. The others have kept low production with the support from the local governments.
Baosteel’s move will also affect other industrial products and this will be more intense in Asia, Europe and the US.
