China steelmakers show overcapacity strain as U.S. battens import hatches

HONG KONG -- Chinese steelmakers are being weighed down by overcapacity and are seeking an escape by expanding exports, earnings reports show, just as U.S. President Joe Biden pushes for higher tariffs on their products.

Angang Steel slipped to a net loss of 3.25 billion yuan ($450 million) last year, after posting a net profit of 108 million yuan the year before. The core listed arm of Ansteel Group -- the third-largest steel producer by volume in 2022, according to the World Steel Association -- acknowledged in its latest annual results published at the end of last month that the steel sector had "entered a new round of an adjustment cycle."