Five years ago, China lags behind with other countries when it comes to steel production. Due to manufacturing and electricity, it consumes a lot of steel. However due to recent funding on two premier steel manufacturing companies, China became one of the world’s top producer of stainless steel, joining the United States and Japan who has been lording the industry for the last twenty years. Also, China was one of the biggest importer of steel from the two countries to address its need for stainless steel.
Because of the progressive growth of China’s steel industry, a lot of developed countries felt threatened by rapid expansion of imported steel from China. The European bloc was the first who felt threatened by this so they issued a 24% tax on imported steel products from China, probably making Marco Polo turn in his grave, according to a newspaper report. The cause of concern from European steel industries is the imported steel rods from China. And, as a retaliation, China imposed taxes on Russian and American steel imports. Apparently, China is now a big player in the world due to its massive growth in the steel industry.