In a regulatory filing Baoshan Iron & Steel (Baosteel) said the slab facility, which makes plates for shipbuilding and other industrial applications, has been losing cash as a result of increased costs and decline in demand.
As one of the first major Chinese mills to speak publicly about production suspensions at a time when steel prices are trapped near three-year lows, Erik Stavseth of Arctic Securities says the announcement illustrates that smaller producers aren’t the only ones feeling the heat.
“We
