It is reported that hot on heels of Tangshan Steel, Shagang, Panzhihua Steel production cuts and overhaul, Rizhao Steel starts to take action.

 

Steelworkers from Lanshan steel mill of Rizhao Iron & Steel Co Ltd said that now their steel mill encountered some special situation, some workers have already on leave and went home, waiting for the notice to back.

 

It is known that from last year iron ore prices urge, the costs increased a lot and the recent real estate policy made domestic market weak and dull, steel industry is trapped in an embarrassed condition squashing from both downstream and upstream. Furthermore, the withdrawal of 48 steel products’ export rebates, devouring the little left profits. Under such environment, Rizhao Steel who is well profitable before also has to cut their production and dismiss steelworkers.