Chinese steel production could shrink by as much as one-fifth as the nation's mills struggle in an oversupplied sector, Baosteel Group Corp. chairman Xu Lejiang said at a press conference Oct. 21.The industry struggled with losses of 18 billion yuan ($2.8 billion) during the first eight months of the year, in contrast to profits of some 14 billion yuan ($2.2 billion) a year earlier, he said. As China's economic growth slows, along with demand for steel and steelmaking raw materials, its steel industry will undergo the same "painful restructuring" seen in Europe, the United States and Japan, where output has contracted by 20 percent.
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