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Chinanews, Beijing, May 26 - Recently, International Iron and Steel Institute warned about China posing a threat to the world iron and steel industry, for Chinese steel giants might allegedly crush the global market. China Iron and Steel Association refuted such opinions as "irresponsible and absolutely exaggerative".
International Iron and Steel Institute believes several iron and steel giants will be generated in China in the next industrial integration1, which will pose a great price challenge to their counterparts in Western countries. "It is not true, for the international steel market appreciates competition, and every enterprise has the right to improve its competitiveness. Industrial integration can be seen all around the world. Why should the blame be laid on Chinese enterprises alone?" said Xi Xiangdong, vice2 secretary general of China Iron and Steel Association. "In fact, far from seeking to establishing a monopoly, booming Chinese iron and steel enterprises will only help to fill the great supply-demand gap in the world and to reduce steel prices," added Qi. "In a word, China will never be a threat to the world iron and steel industry," concluded Qi.
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