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Steel sector in a new round of downturn

By Cui Xiaohuo and Jiang Wei (chinadaily.com.cn)
Updated: 2009-03-06 18:56

China's steel industry has entered another round of decline since mid February after a short pick up in January, said Shougang Group Chairman Zhu Jimin.

Related readings:  Glut of steel could worsen as shipbuilding orders plunge  Shougang to buy stake in Fushan  China Shipping and Shougang set up joint venture

He told China Daily during the sidelines of the ongoing session of the National People's Congress that the situation could be even worse than the fourth quarter last year.

Zhu said it would take a long time for the steel industry to recover, despite the government's 4 trillion yuan stimulus package and industrial support plan.