Desperate times call for desperate measures. This adage would be apt for Lakshmi Niwas Mittal, who lords over the biggest steel empire in the world but is currently stuck on a hot tin roof. ArcelorMittal, a company that produced 98 million tonne of steel last year, compared with the world’s second-largest producer Nippon Steel, which produced only 49 million tonne, is grappling with a downturn in the steel industry. This situation is a result of the Chinese steel industry dumping its output across global markets, rendering just about every steel-maker across countries uncompetitive. Last year, China exported a record 93 million metric tonne (MT)of steel and in the first six months of 2015, China’s steel exports increased 27%, creating a glut in international markets that is, in turn, pulling down steel prices.
Steeling itself for a slowdown
China has made life miserable for the domestic steel industry, which is already grappling wih high leverage and a demand bust
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