Zhang Guangning, who was elected chairman of the China Iron & Steel Association last month, did not mince his words when he gave his first speech. As China’s economy enters a “new normal”, the steel industry faces unprecedented challenges, said Mr Zhang, a life-long steel man who started his career working at an iron and steel factory in 1971. “China’s steel production has already hit a peak, or to put it another way, it has hit a turning point.” More On this topic IN Commodities He said the industry must shift its focus from expansion to quality and efficiency, adding that it is “currently in its most difficult period, it is the most optimal time for adjustment and upgrading”. After growing at an average rate of 15 per cent between 2000 and 2013, a peaking of China’s steel production would be a powerful symbol of a shift in the […]