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China steelmakers deepen production cuts

TURNING POINT: After decades of rapid growth spurred an unprecedented expansion in steel production, China's now grappling with excess capacity.


CHINESE steelmakers are deepening the first production cuts in a quarter century as the bull market in iron ore drives up costs and squeezes profits.

Crude steel output will shrink as much as 2 per cent this year, according to the China Iron & Steel Association. That's