China's biggest 101 steel companies, which helped fuel the country’s industrial revolution and housing frenzy, lost a combined Rmb72bn ($11bn) in the first 10 months of 2015, or more than double the profits garnered last year.
The reversal in fortunes highlights the unwinding of rapacious demand for basic materials — in just two years the country produced more cement than the US did in the entire 20th century — as economic growth slows.
The resulting brake on demand is sending tremors across the globe, from resource-rich Brazil and Australia through to UK steelmakers.
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