Steel production in China drops by over 10%

China's steel production dropped by more than 10% in August compared to the previous year, as the industry suffered from low prices and a harmful weakness in demand. The past month was particularly challenging for the world's largest steel sector. The leading supplier China Baowu Steel Group Corp. warned of increasingly bleak conditions. Faced with growing losses for every ton of steel produced, more and more plants chose to shut down their furnaces.