SHANGHAI -- China has embarked on a new round of consolidation in the steel business.
Emergence of potential world No. 1 rattles European and Japanese rivals

A worker welds steel bars at a construction site for a new train station in Ningbo, Zhejiang Province. Chinese steelmakers are climbing up the value chain, manufacturing higher-grade products. © Reuters
SHANGHAI -- China has embarked on a new round of consolidation in the steel business.