The global financial crisis triggered by the Lehman shock in the late 2000s and the fiscal crisis of the EU have had a serious adverse impact on the global economy. The crisis has gradually affected the global economy and in particular, the steel industry. The demand for steel has been reduced, whic...
The global financial crisis triggered by the Lehman shock in the late 2000s and the fiscal crisis of the EU have had a serious adverse impact on the global economy. The crisis has gradually affected the global economy and in particular, the steel industry. The demand for steel has been reduced, which caused overproduction. Subsequently, the price of steel products and iron ore has become unstable. Nowadaya as environmental problems become more significant, greenhouse gas regulations have been increased, creating more pressure for the steel industry – one of the main dischargers of the greenhouse gas emissions. With difficulties, such as poor domestic demand and oversupply, steel trade protectionism and trade deficits have been on the rise.
Since China has become more open to international trade since 1978, the production and consumption of the steel industry was at an average annual rate of 6 percent. The country’s economic growth rate has remained at a level of 7 percent for a decade, however, since 2012 it has been declining, while the China’s steel industry growth was also slowing down. Due to the recession of the economy, China’s steel industry was sluggish, like in other countries. In the face of intense competition in the global steel industry, China's own steel industry is facing a number of challenges that need to be addressed in order to strengthen international competitiveness,including oversupply, low concentration, high reliance on import iron ore, trade barriers and so on.
The purpose of this research is to analyze the changes in the global steel industry and problems that exist in the steel industry of China. The strategic alignment of the steel industry of China is based on the experiences of developed countries such as Korea, USA and Japan. t was found that China’s steel industry should follow a low-carbon and green development path, accelerate the speed of M&A while eliminating backward equipment. Moreover, the country should improve the added value of steel products, expand output market, and promote Korea-China-Japan steel industry cooperation.
The global financial crisis triggered by the Lehman shock in the late 2000s and the fiscal crisis of the EU have had a serious adverse impact on the global economy. The crisis has gradually affected the global economy and in particular, the steel industry. The demand for steel has been reduced, which caused overproduction. Subsequently, the price of steel products and iron ore has become unstable. Nowadaya as environmental problems become more significant, greenhouse gas regulations have been increased, creating more pressure for the steel industry – one of the main dischargers of the greenhouse gas emissions. With difficulties, such as poor domestic demand and oversupply, steel trade protectionism and trade deficits have been on the rise.
Since China has become more open to international trade since 1978, the production and consumption of the steel industry was at an average annual rate of 6 percent. The country’s economic growth rate has remained at a level of 7 percent for a decade, however, since 2012 it has been declining, while the China’s steel industry growth was also slowing down. Due to the recession of the economy, China’s steel industry was sluggish, like in other countries. In the face of intense competition in the global steel industry, China's own steel industry is facing a number of challenges that need to be addressed in order to strengthen international competitiveness,including oversupply, low concentration, high reliance on import iron ore, trade barriers and so on.
The purpose of this research is to analyze the changes in the global steel industry and problems that exist in the steel industry of China. The strategic alignment of the steel industry of China is based on the experiences of developed countries such as Korea, USA and Japan. t was found that China’s steel industry should follow a low-carbon and green development path, accelerate the speed of M&A while eliminating backward equipment. Moreover, the country should improve the added value of steel products, expand output market, and promote Korea-China-Japan steel industry cooperation.
주제어
#Steel Industry Overproduction Trade Protectionism Iron Ore Greenhouse Gas Regulations
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