Liu Zhenjiang, secretary-general of the China Iron and

 Steel Association, urged the industry to be aware of the fact that growth may

outpace demand in the sector.

“China’s steel output grew rapidly in the first quarter of 2019, and crude steel

output from China accounted for more than

half of the world total, a record,” he said, adding the increased output has led to

increased steel inventories.

China’s iron and steel industry reported profits of 470.4 billion yuan ($70 billion)

in 2018, surging 39.3 percent year-on-year, while crude steel out

put grew 6.6 percent to 928.26 million tons, according to the National

Development and Reform Commission.

ALGIERS – Algerian President Abdelaziz Bouteflika announced his resignation on Tuesd

ay, weeks before his presidential term expires on April 28, official APS news agency reported.

The Constitutional Council, however, is due to hold an urgent meeting to validate Bouteflika’s resignation before making it official, APS said.

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