China’s Baosteel suspends production at Shanghai plant

Baoshan Iron & Steel Co (Baosteel), China’s biggest listed steelmaker, said it has suspended production at a loss-making plant in Shanghai, in a sign of the intense pressure on the sector as steel prices trade near three-year lows.

The steelmaker is one of the first major Chinese mills to publicly announce it is suspending production, but with the world’s second-biggest economy cooling and banks restricting lending to an industry that built up US$400 billion of debt during years of double-digit growth more suspensions are likely.

via Business feed http://www.scmp.com/business/companies/article/1048373/china%E2%80%99s-baosteel-suspends-production-shanghai-plant