OREANDA-NEWS. January 10, 2012. CISA president Zhu Jimin, who is also the chairman of Shougang Group, predicated China’s crude steel output to increase by 4 percent to some 700 million tons in 2012.

From the viewpoint of Mr. Zhu, the domestic steel industry is in the depths of stagnation caused by overcapacity and insufficient efforts on restructuring.

He called on domestic steelmakers not to join the iron ore spot trading platform invested by BHP Billiton in Singapore, warning any engagement could push the sector into greater predicament.