China Daily Life – Steel Economy

TANGSHAN, CHINA – APRIL 6: A Chinese steel worker helps load steel rods onto a large truck for transport at a plant on April 6, 2016 in Tangshan, Hebei province, China. China’s government plans to slash steel production by up to 150 million tons, and could mean as many as 400,000 lost jobs, according to state estimates. Officials point to excessive industrial capacity, a slump in demand and plunging prices as they attempt to restructure China’s slowing economy. Hebei province, long regarded as China’s steel belt, once accounted for nearly a quarter of the country’s steel output. In recent years, state-owned steel mills have been shut down and dozens of small privately-owned plants in the area have gone bankrupt. (Photo by Kevin Frayer/Getty Images)