China's steel industry faces reshuffle

China's Ministry of Industry and Information Technology on Monday said it will unleash a new guidance for restructuring China’s key manufacturers.

And the country’s dire steel factories are its main target. Industry experts say a wide restructuring of the entire steel industry will be inevitable. But this could actually present itself as an opportunity for big industry players to consolidate.

Over-produced Chinese steel manufactures have almost no option than restructuring themselves. In the first 9 months of the year, the country’s steel industry suffered a combined loss of as high as 5.5 billion yuan, reversing last year’s staggering profit of 38.7 billion yuan.

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