The Chinese steel industry will be a big cause for concern in the fourth quarter due to shrinking demand and heavy losses, according to Huang Libin, an official of Ministry of Industry and Information Technology.
He said the Chinese steel sector′s performance has been bad since beginning of this year, the revenues are falling and demand remains weak.
Besides, the entire industry is now operating at a loss and struggling with problems of oversupply and a broader economic slowdown.
According to Chinese National Development and Reform Commission, 80 major steel firms reported a combined loss of US$ 877.78 million in this January to September.