Nippon Steel Warns China Tightens Global Market Control

Nippon Steel's executive vice president, Mr. Katsuhiro Miyamoto, said China intends to strengthen its position in the global steel market as its economy recovers from the coronavirus pandemic faster than its competitors and domestic businesses are expanding higher quality products. He said, “Chinese mills that benefit from strong local demand, bolstered by infrastructure spending, can profit and devote more money to new product development. Chinese steelmakers are working hard on product development. We must get ahead of them. "

Steelmakers in Japan have focused on producing high quality steel used by car buyers, rather than trying to match China in terms of volume. But now they face increased competition for quality as well as price as Chinese businesses strive to catch up with technology. Toyota Motor Corp. will buy steel used in electric vehicles and hybrids from China Baowu Steel Group, as this is the first time a Japanese automaker has used Chinese-made electrical steel in its home market.