75% of Chinese steelmakers report losses, prompting predictions of industry consolidation.

China's steel industry is on the brink of widespread bankruptcies, with nearly 75% of steelmakers reporting losses. Bloomberg Intelligence predicts this crisis will accelerate industry consolidation, targeting five companies to control 40% of the market by 2025. Key vulnerable firms include Xinjiang Ba Yi Iron & Steel and Gansu Jiu Steel Group. Economic challenges and a persistent property crisis are exacerbating the situation, with warnings of a potential crisis worse than in 2008 and 2015.

September 23, 2024
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