Bazibaza comments :
This is the clearest signal of the downturn of the economy in Europe and its implication in both Taiwan and China.
China Steel Corporation (CSC), Taiwan’s leading integrated producer of steel products, will cut capacity by 20% in December to cope with the sluggish global steel market, with downstream producers including Yieh Phui Enterprise Co., Sheng Yu Steel Co. and Kao Hsing Chang Iron & Steel Corp. expected to follow suit.
The global steel industry is encountering slowing sales due to the European sovereign debt crisis, flooding in Thailand and oversupply in China. […]
