China Steel also has new capacity coming on stream later this year with output rising up to 40%.
And the prospect of more capacity coming on stream makes it tougher for him to sign long-term deals with buyers.
Coal sceptics say the dirtiest of fossil fuels will inevitably be squeezed out in Europe as new solar and wind capacity comes on stream and ageing coal plants are shut down.
The World Steel Association, a steelmakers' group, predicted early this month that the iron-ore market should stay balanced this year before moving into progressive surplus between 2014 and 2017 as new mine capacity comes on stream.
Delays over decision-making and financing have led to doubts that new power capacity will come on stream before existing plants go offline.
In the bad years, Dow alone shut more capacity than the entire industry brought on stream last year in America.
Just last week, while Finnish Foreign Minister Alexander Stubb was shuttling between Moscow and Tbilisi in his capacity as chairman of the OSCE, Nord Stream announced the hiring of former Finnish Prime Minister Paavo Lipponen.
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