Word: steels
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...nation that was once completely command controlled, the central government has surprisingly few ways to compel regional lenders to obey orders. In Chengdu, for example, capital of Sichuan province 1,500 kilometers from Beijing, a branch of the China Construction Bank recently approved loans to upgrade a steel mill in the town of Panzhihua. Jiang Wen, chief of the bank's business-development department, says the mill already has local-government approval, so the bank is pushing ahead despite Beijing's jawboning. "We have had no change in lending," Wen says...
...project. "It definitely will be a lot harder to borrow now," he says. And although new remedies haven't taken effect yet, recent economic indicators are promising. Last week, Beijing announced that industrial output declined in April, the third monthly decline in a row; growth in production of both steel and cement also slowed...
...happen to be in the business of selling, say, iron to China. But a slowdown would be welcome in many quarters. China's appetite for raw materials has been Brobdingnagian. The country consumed 40% of the world's cement, 31% of the world's coal and 27% of its steel last year, helping drive up prices for many commodities, such as metals, by 50%. But prices have been falling for several weeks, to the delight of many. Jeffrey Sheu, spokesman for Taiwan-based bicycle maker Giant Manufacturing, applauds China's efforts to rein in the economy, because rising materials costs...
...Even Japanese and Korean steel, basic-materials and capital-equipment manufacturers-the companies you'd expect to be most despondent about reduced demand from the mainland-are philosophical. China's big appetite resulted in supply shortages and inventory disruptions. A respite from the insatiable dragon will give them an opportunity to reload. Says a spokeswoman for POSCO, Korea's largest steel company, "These constraints will have a short-term negative influence, but long-term, this is actually progress." Likewise, Japan's and Korea's giant electronics conglomerates are sanguine. Toshiba, for example, sold $1.3 billion worth of goods in China...
...June issues. "Periodically there's just a moment that happens when a new generation of talent steps in, and you get some fresh points of view," says Paul Levitz, president and publisher of DC, which, like this magazine, is owned by Time Warner. In other words, the Man of Steel is getting a makeover. Now, how do you improve a guy who has super-everything...