China is facing increasing international pressure to tackle a steel supply glut that has flooded global markets and left beleaguered overseas producers at risk of closure. China produces half the world’s steel but those hoping it will tackle its surplus capacity quickly will be disappointed, despite rhetoric from Beijing. A steel production glut that has taken years in the making, will equally take years to resolve. The economy is growing at its slowest pace in 25 years and labor unrest is on the rise, a worry for the ruling Communist Party that fears the social unrest that millions of laid off steel workers could bring. “Closures can not be completed overnight,” said a person with ties to China’s leadership. “Stability is the top priority.” China’s fading economic growth has exposed the huge surplus capacity […]