Word: steeled
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...born Australian, and three Chinese employees on suspicion of stealing state secrets. While China's murky criminal-justice system makes it difficult to unearth any specifics of the charges, the state-run China Daily reported on July 15 that the Rio Tinto representatives allegedly bribed officials from 16 Chinese steel mills during negotiations over iron-ore prices. Chinese media also reported that at least five Chinese steelmakers and the China Iron & Steel Association are also under investigation. Rio Tinto has denied any wrongdoing by its employees...
...Friday, July 24, thousands of workers at the state-owned Tonghua Iron and Steel Group in Jilin province protested the planned takeover of their employer by the privately held Jianlong Steel, according to reports in the Chinese press and from the Hong Kong-based Information Center for Human Rights and Democracy. Some of the steelworkers rioted and beat to death Chen Guojun, a Jianlong representative. Jianlong had previously purchased a stake in Tonghua, and workers feared that with a takeover the company would lay off thousands of Tonghua employees. "Chen disillusioned workers and provoked them by saying most of them...
...Friday's violence occurred as prospects for China's steel industry are turning around. The government's $586 billion stimulus package has set off a massive infrastructure-building spree, creating a huge demand for steel. In June crude-steel production hit nearly 50 million tons - 6% higher than in the previous year, according to the World Steel Association, and close to an all-time high. "Demand has just exploded in the first half of this year as a result of the government's stimulus package and bank lending," says Jim Lennon, a Macquarie Bank analyst. "Steel demand is massive...
...that massive demand offers only a temporary respite for Chinese policymakers. Over the past decade, China has rapidly built new steel mills, and in 2002 it became the world's largest producer of the commodity. Now Chinese officials say the country has more production capability than markets at home and abroad can support. In February, Luo Bingsheng, secretary general of the China Iron and Steel Association, said China's steel-production capacity exceeded the 2008 domestic demand of 500 million tons by 160 million tons. China's State Council has called for a consolidation of the industry in order...
...case of Tonghua Iron and Steel, it seems the steel industry's turnaround helped spark the riot. Jianlong had invested in the company in 2005 but then pulled out as Tonghua lost money amid the global downturn this spring. But as China's steel demand surged, Tonghua turned a profit of $6 million last month, renewing Jianlong's interest. After the killing of Jianlong's representative on Friday, the local government announced the deal was canceled, China Daily reported...