On December 24, 2024, industry insider Mr. Yuan revealed on social media that 75 steel companies in China have halted production. The main reason: steel products are not selling, and the more they produce, the more they lose. Many factories simply have no choice but to stop production. Mr. Yuan, from Tangshan, Hebei—a city known as the “steel capital”—shared his concerns on Douyin, the Chinese version of TikTok. He stated that many steel mills are struggling to stay afloat, with some even finding it difficult to pay their employees. Given the uncertain market outlook, he expressed worry for workers whose families depend on incomes from steel factories.Join this channel to get access to perks:
