US tariffs have spread across the globe, and the steel market has been “splintered”

publisher: Gloria Wong
Time: 2019-08-01
Summary: US tariffs have spread across the globe, and the steel market has been “splintered”

According to the "Nikkei Business News" website reported on July 31, the World Steel Association's statistics collected before July 29 showed that global crude steel output from January to June increased by 4.9% from the same period of the previous year to 9.2506 billion tons, a record. new highs. China, which accounts for half of global crude steel production, increased by 9.9% to 492.16 million tons, the highest in history.

The report pointed out that Turkish and Russian-made steel, which cannot be exported to the United States due to tariffs, pose a threat to the European market. British steel company, the UK's second-largest steel company, filed for bankruptcy protection, and ArcelorMittal, the world's largest steel company, was forced to cut production. From January to June 2019, domestic steel production capacity in the United States increased by 5%, but recently steel mills have announced production cuts. US Steel announced in June that it would suspend two blast furnaces in Michigan and other places. It is estimated that the scale of production reduction will be 200,000 to 225,000 tons per month, equivalent to 3% of the national steel production capacity.

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