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Business trends

Does China have an exit strategy from mass steel production?

US, Japanese steelmakers brace for Post-congress drop in infrastructure investment

A worker carries a steel bar at a construction site of a residential building in Huzhou, China.   © Reuters

TOKYO/SHANGHAI -- Chinese companies are churning out more steel than ever to meet government-driven infrastructure demand ahead of this fall's Communist Party congress, raising fears of cheap exports flooding global markets again once the political event ends.

Total crude steel output in 67 countries and regions rose 6.3% on the year in July, marking a 15th consecutive month of growth, World Steel Association data released Thursday shows. China, which accounts for half of global production, saw output climb 10.3% -- twice as fast as in June -- to another monthly record.

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