China's steel industry, the biggest in the entire world, is in crisis. The disaster has come due to a combination of factors, including a slowing Chinese economy, falling commodity prices and an industry loaded with debt. Earlier this month, state-owned enterprise Sinosteel defaulted on a debt interest payment of $315 million on bond notes maturing in 2017. It's a sign that, despite China's best efforts at fiscal policy easing and pledges to reform "zombie" SOEs, the worst may be coming faster than...
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