Beijing reluctant to spend its way out of real-estate troubles Goldman sees steel demand heading for 5% decline this year Bloomberg News China’s steel industry is entering a precarious new era as a worsening property crisis imperils demand and Beijing’s construction-led growth model looks increasingly untenable. Almost a third of China’s steel mills could go into bankruptcy in a squeeze that’s likely to last five years, Li Ganpo, founder and chairman of Hebei Jingye Steel Group, warned at a private company meeting in June. “The whole sector is losing money and I can’t see a turning point for now,” he said, according to a transcript of the gathering seen by Bloomberg News. The real-estate crisis has ballooned this year, engulfing developers to banks , and forcing Beijing to soften its growth ambitions. Steel mills that churned out more than a billion tons last year, around half of global output, […]