Suppliers of coking coal, also vital to the steelmaking process, insisted on even greater hikes.
Such acquisitions kept GKN going when steelmaking and the low-tech bits of its business declined.
Today China has excess steelmaking capacity of 120m tonnes, or a third of its output.
They have joined an influx of Indian firms in computer services, manufacturing and steelmaking.
In 1994 China's steelmaking capacity was only 11% of the world total, now it accounts for roughly 25%.
The purchase added 7 million tons of steelmaking capacity, which strengthened USS in higher-end auto, container and construction products.
Mr. Wu pivoted Huaxi's economy from farming toward manufacturing and trade, with ventures in steelmaking, then liquor, banking and tourism.
Much of this area has been affected by the decline of steelmaking at Llanwern in Newport and at Ebbw Vale.
The Chinese government has started to discourage the expansion of energy-intensive industries, including aluminium and steelmaking, in an effort to ease the burden on its grid.
The North American iron ore division produces iron ore pellets for use in blast furnaces as part of the steelmaking process, and currently has a rated annual production capacity of 27 million tons of iron ore.
Whether he was learning a new skill, taking decisive action in an emergency, or forging the most innovative and efficient steelmaking company in the world, the commitment to following the judgment of his reasoning mind was the only opportunity he needed.
Surging capacity in China and elsewhere has prompted the North American Steel Trade Committee (comprising America, Canada and Mexico and their country's steel firms) to estimate that the world's total annual steelmaking capacity will rise by 250m tonnes over the next five years, an increase of 25% that threatens a return to glut, and thus plunging prices, especially if Chinese demand falters.
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