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.