aljazeera | Steel is found everywhere from bridges to sinks, but the global steel industry is going through the worst downturn in 50 years.
An unbalanced supply and demand equation has left even China,
the world's largest producer and consumer of steel, calling for global
cooperation to try and tackle the industry's problems.
But while China is calling for cooperation, many blame China's steel mills for flooding the market with cheap supply.
Over in the UK, Tata Steel, an Indian company, put its entire
business up for sale, blaming cheap Chinese imports for its decision.
The UK boasts the world's oldest steel industry and Port Talbot in south Wales is home to Britain's largest steel plant.
With the UK steel industry on the verge of collapse, we see how tens of thousands
of jobs are at risk with the imminent closure, or at least significant
downsizing, of the Port Talbot steelworks, which has already been on the
decline for decades.
Although many blame the cheap steel making its way from China,
others are also say the UK government has not offered the steel industry
enough protection to help it stay competitive.
Steelmakers in China are also suffering. When China outlined its
latest five year plan it said that job cuts in the steel sector were
likely.
In China, we see how job losses in the steel industry have become
more commonplace. With the economy growing at its slowest pace in 25
years and steel mills producing at overcapacity with the lack of demand
for raw materials, China has been exporting steel at low prices.
Economists say, however, this is only a short-term solution and
companies will need to restructure to be efficient.
