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Commodities

China's steel dominance grows as global output shrank 9% in May

Asian powerhouse accounts for more than 60% of market after rivals scale back

China has revived its steel industry through its economic stimulus program.   © Reuters

TOKYO -- China has ramped up its steel production lately even as the overall industry retrenches, further enlarging the top country's market footprint.

Global crude steel output dropped a third straight month in May, by 8.7% on the year to 148.78 million tons. Chinese production rose 4.2% to 92.27 million tons that month. The World Steel Association released the provisional figures Tuesday.

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