SunSirs: Reviewing the Top Ten Trends in China's Steel Industry Development Over the Next Five Years of the 14th Five-Year Plan

With the successful conclusion of the 14th Five-Year Plan, China's steel industry has smoothly completed its phased transition from incremental expansion to reduction-oriented transformation, formally entering the pivotal five-year period marking the start of the 15th Five-Year Plan. According to data from the China Iron and Steel Association, during the 14th Five-Year Plan period, China's crude steel output decreased from 1.065 billion tons to 1.005 billion tons, a reduction of 60 million tons. Apparent consumption of crude steel fell even more sharply, dropping from 1.048 billion tons to 893 million tons, a decline of 155 million tons. As the year bridging the conclusion of the 14th Five-Year Plan and the planning phase for the 15th Five-Year Plan, 2025 saw intensified adjustment trends. From January to November, crude steel output fell 4% year-on-year to 890 million tons, while apparent consumption dropped 6.5% to 770 million tons.

At this pivotal historical juncture, the steel industry will exhibit ten core development trends over the next five years, profoundly reshaping the industrial landscape.

01 Further Reduction in Crude Steel Output, Increased Share of High-End Steel Products

Production control has become the industry norm, but the focus is shifting from mere “total volume control” to “structural optimization.” The exit of outdated capacity during the 14th Five-Year Plan period has created space for the development of high-end steel products. As industries like new energy vehicles and high-end equipment expand, market demand for high-end steel products is growing, driving enterprises to increase R&D investment.

Since the start of the 14th Five-Year Plan, China's steel industry has accelerated its product structure adjustment. By major category, the share of steel used in manufacturing increased from 42% in 2020 to 50% in 2024. Entering 2025, China's industrial material production grew rapidly year-on-year, with manufacturing steel consumption exceeding 50% of total usage. The share of steel used in construction decreased from 58% in 2020 to 50% in 2024, and is projected to decline further in 2025.

Research, development, and manufacturing of new products—particularly high-end varieties—have accelerated. Production of silicon steel, a representative high-end product, reached approximately 18 million tons in 2024, marking a 48% increase from 2020. Within this, the share of grain-oriented silicon steel rose from 14% to 18%, while high-permeability grain-oriented silicon steel increased from 59% to 68% of total grain-oriented silicon steel output. while high-grade non-oriented silicon steel will rise from 21% to 31% of total non-oriented silicon steel output.

Over the next five years, guided by the high-quality development principles of the 15th Five-Year Plan, production regulation will synergize with product upgrades, propelling the industry's shift from “competing on scale” to “competing on technology.” Steel enterprises will persistently focus on R&D for high-end steel products, targeting critical sectors like new energy and advanced equipment to address shortcomings. As product structures continuously optimize, the steel industry will transition from scale expansion to quality-driven efficiency, providing more robust material support for manufacturing upgrades and green development.

Driven by central and state-owned enterprise restructuring, a nationwide wave of steel industry consolidation is surging, with industrial concentration steadily increasing.

Data from the China Iron and Steel Association shows that by the end of 2024, the industry's CR10 and CR4 reached 43% and 26.9% respectively, up 4.4 and 4.6 percentage points from the end of the 13th Five-Year Plan period. In 2025, 16 steel enterprises made the Fortune Global 500 list, with Chinese steel companies accounting for 12 spots—an increase of 5 from the end of the 13th Five-Year Plan period. Through in-depth mergers and acquisitions, steel enterprises have enhanced industrial concentration, improved development quality, and elevated the industry's competitiveness to new heights.

The 2022 “Guiding Opinions on Promoting High-Quality Development of the Steel Industry” proposed: "Encourage leading enterprises to implement mergers and acquisitions, creating several world-class super-large steel enterprise groups. Leveraging industry strengths, cultivate one to two specialized leading enterprises in stainless steel, special steel, seamless steel pipes, and cast iron pipes.“ Guided by this vision, steel enterprises accelerated restructuring during the 14th Five-Year Plan period, driven by the principles of optimizing existing capacity and pursuing reduced-scale development. This has formed a primary development pattern characterized by ”Baowu in the south and Ansteel in the north."

Central SOE Restructuring Continues

On December 22-23, 2025, the Central SOE Leaders' Conference convened in Beijing. The meeting outlined five key priorities for central SOEs in 2026: stabilizing operations and enhancing quality and efficiency; optimizing layout and adjusting structure; strengthening innovation and promoting transformation; advancing reforms and boosting vitality; and safeguarding people's livelihoods and maintaining overall stability. Mergers and acquisitions were positioned as central to optimizing the layout of the state-owned economy.

Zhang Yuzhuo, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission (SASAC), emphasized that central SOEs must concentrate on their primary responsibilities and core businesses to develop the real economy. They should vigorously advance strategic and specialized restructuring and high-quality mergers and acquisitions, using these measures to propel the industrial system toward higher value-added and high-tech content.

Capacity Replacement No Longer Implemented

The Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment), issued on October 24, 2025, stipulates that "effective from xx month xx, 2027, capacity replacement will no longer be implemented for ironmaking and steelmaking capacities between different enterprises (groups) nationwide. Capacity integration and transfer may be achieved through comprehensive and substantive mergers and reorganizations among primary legal entities of different enterprises (groups). Optimization and integration of ironmaking and steelmaking capacity among different subsidiaries under the same enterprise (group)'s primary legal entities is encouraged.“ ”For compliant capacity newly acquired through mergers and reorganizations after June 1, 2021, used for project construction, the capacity replacement ratio for ironmaking and steelmaking capacity in each province (autonomous region, municipality) shall not be less than 1.25:1." This policy provides restructuring enterprises with support for capacity replacement and integration. Upon implementation, it will facilitate cross-regional transfers of production factors. If complemented by accelerated progress in building a unified national market, cross-regional transfers of production volume, energy consumption, and environmental indicators become feasible, potentially opening the door to genuine restructuring.

In summary, driven by policy guidance and the efforts of central and state-owned enterprises, restructuring in the steel industry continues to deepen, with concentration steadily increasing. With the direction of central enterprise restructuring clarified for 2026, new capacity replacement regulations further unlocking integration potential, and the development of a unified national market, the industry will accelerate its shift toward scaled, high-quality development, with leading enterprises playing an increasingly prominent role.

China's Steel Industry Further Expands Coastal Presence, Consolidating and Enhancing Coastal Proportion

During the 15th Five-Year Plan period, the concentration of the steel industry along the coast has become a clear trend in layout, advancing around three core directions: First, the proportion of coastal production capacity continues to rise. Shandong has set a target to increase the coastal crude steel production capacity share from 53% to over 65% by the end of the 15th Five-Year Plan period, while Liaoning is accelerating port-adjacent projects like the second phase of Ansteel's Bayuquan project. Second, establishing large-scale premium steel bases. Hebei's Leting County is implementing a “dual-city strategy” of port-driven steel development and steel-driven port expansion, aiming for an economic output of 150 billion yuan by the end of the 15th Five-Year Plan period and establishing a demonstration zone for high-end, intelligent, and green steel industry development. Shandong will fully develop the Rizhao-Linyi and Laiwu-Tai'an premium steel bases, constructing supporting projects like Yongfeng's integrated steel-coke operation. Three enterprises (Shandong Iron and Steel, Rizhao Iron and Steel, Yongfeng) will reach 10-million-ton production capacity, with premium steel exceeding 50% of output. Third, leveraging coastal advantages to drive transformation: utilizing ports to reduce raw material transportation costs, advancing ultra-low emission upgrades through environmental capacity advantages, and aligning with eastern manufacturing market demands to alleviate the supply-demand mismatch caused by “steel transported south from the north.”

Moving forward, coastal steel clusters will evolve into integrated ecosystems combining “ports + industry + technology + services.” Leveraging deep-water berths and multimodal transport networks, they will continuously reduce logistics costs and enhance supply chain resilience. Concurrently, coastal bases will serve as core platforms for low-carbon technology implementation, promoting green processes like hydrogen metallurgy and short-process steelmaking. Digitalized stockyards and end-to-end intelligent control systems will be established to boost both efficiency and environmental performance.

Leveraging their port-adjacent advantages, these bases will also deeply integrate with high-end manufacturing demands in automotive, shipbuilding, and new energy sectors. They will cultivate more high-value-added product clusters, propelling the transition from “coastal manufacturing” to “coastal smart manufacturing.” Ultimately, this will forge a group of globally competitive port-adjacent steel industry hubs, injecting sustained momentum into the sector's high-quality development.

Deepening Smart Manufacturing: Unmanned Steel Plants Emerge Continuously

The Fourth Plenary Session of the 20th CPC Central Committee proposed advancing key industries toward higher quality and upgrading by adhering to the directions of intelligent, green, and integrated development. In recent years, advanced technologies like virtual simulation, artificial intelligence, and big data analytics have deeply penetrated core processes in steel enterprises. Riding this momentum, digital technology applications have extended comprehensively to both the front and back ends of production chains, enabling full-process optimization and restructuring of steel production while propelling the industry's quality upgrade.

Digitalization and intelligent manufacturing have become core drivers for cost reduction and efficiency gains in steel enterprises, with full-process intelligent upgrades covering every stage from ironmaking to rolling. It is reported that by the end of September 2025, China's steel industry had cumulatively established 36 excellence-level smart factories, exceeding the “14th Five-Year Plan” target of creating over 30 smart factories. Among the globally recognized “Lighthouse Factories” representing the pinnacle of intelligent manufacturing and digitalization in global manufacturing, seven steel enterprises worldwide have been designated, with three of them based in China. These achievements are just a snapshot of the remarkable progress made in intelligent manufacturing within China's steel industry during the “14th Five-Year Plan” period.

Today, intelligent manufacturing has become a strategic high ground in global competition. In recent years, China has issued a series of policy documents to systematically advance the integration of artificial intelligence with industrial sectors, from data infrastructure development to AI+ initiatives. As a key industrial application scenario, the steel industry is deepening its AI+ transformation.

“AI+Steel” has established a solid foundation for advancement across multiple dimensions, including policy support, standard-driven development, technological breakthroughs, and model innovation. Moving forward, the steel industry will follow an implementation path of “overall planning, phased execution, and iterative optimization.” It will target scenarios with clear pain points and high return on investment, gradually expanding application scope through rapid implementation verification and standardized rollout. Aiming to significantly boost total factor productivity and enhance global product competitiveness, the industry seeks to forge new productive forces for China's steel sector in the AI era.

Over the next five years, with the deep integration of 5G, AI, and big data technologies, smart manufacturing will transition from isolated breakthroughs to full-chain collaboration. This will drive a fundamental shift in the industry's production model from “experience-driven” to “data-driven,” aligning with the digital transformation requirements of the 15th Five-Year Plan.

Low-Carbon Transition Accelerates as Hydrogen Metallurgy Scales Up

China's steel industry accounts for approximately 15% of the nation's total carbon emissions, ranking first among manufacturing sectors. Consequently, hydrogen metallurgy—replacing carbon with hydrogen—has emerged as a critical technological pathway for the steel industry to achieve its carbon peak and carbon neutrality goals. Under the dual carbon goals, high-emission industries like steel and chemicals face unprecedented pressure to reduce emissions. As energy efficiency improvements approach physical limits and scrap steel recycling encounters resource constraints, attention has turned to hydrogen—the lightest element on the periodic table. Particularly, “green hydrogen” produced through water electrolysis using renewable energy is seen as the ultimate key to industrial decarbonization.

From coastal regions to inland areas, hydrogen metallurgy projects are being implemented nationwide at an astonishing pace. In December 2025 alone, two major milestones occurred: while Baosteel's Zhanjiang project achieved full operational integration, the 1.25-million-ton integrated green electricity-green hydrogen-green steel project in Guyang County, Baotou City, Inner Mongolia, was formally signed with a total investment of 4.8 billion yuan. These projects share a common feature: a fully integrated design spanning the entire chain from “wind and solar power generation – green hydrogen production – steel smelting.” In Xinjiang, Hengtai Green Energy's 1.2 million-ton green hydrogen-based DRI project is scheduled to commence in April 2026. In Songyuan, Jilin, the green electricity-green hydrogen-pure hydrogen metallurgy engineering project has expanded to include an ammonia production workshop.

The rapid development of China's hydrogen metallurgy industry offers a replicable “Chinese solution” for global steel sector decarbonization. A complete industrial chain is taking shape—from upstream wind and solar power generation, through midstream green hydrogen production, to downstream hydrogen metallurgy applications. Industry projections indicate China's hydrogen direct reduction technology will enter commercialization around 2030, achieving approximately 13% market penetration by 2040.

As technology matures and costs decline, hydrogen metallurgy will transcend low-carbon transformation in steel production alone. It will catalyze a trillion-yuan green hydrogen market and high-end equipment clusters, driving systemic transformation across upstream energy, midstream equipment, downstream applications, and supporting policies.

In the future, with the full utilization of green electricity resources and the refinement of standards systems, hydrogen metallurgy will drive the steel industry toward deep decarbonization at its source while empowering the development of high-end materials. This will position “China Green Steel” as a global benchmark for industrial low-carbon transformation.

Short-process steelmaking will become mainstream

According to World Steel Association data, electric arc furnace (EAF) steel accounted for approximately 28.6% of global crude steel production in 2023. In contrast, China still has considerable room for developing short-process electric furnace steelmaking.

With increasing scrap steel resources and heightened environmental requirements, short-process electric furnace steelmaking is gradually becoming the mainstream production process in the steel industry. Statistics show that in recent years, 27% of the planned new steelmaking capacity across various regions is electric furnace-based, totaling approximately 110 million tons. It is projected that by 2035, the proportion of electric furnace steel production in China will reach 30%.

In recent years, some regions have actively explored this path. For instance, Sichuan Province achieved a short-process electric furnace steelmaking capacity of 13 million tons in 2023, with electric furnace steel accounting for about 40% of its total output.

In 2025, the National Development and Reform Commission and other departments issued the “Special Action Plan for Energy Conservation and Carbon Reduction in the Steel Industry.” By the end of 2025, scrap steel utilization is targeted to reach 300 million tons, with the share of electric furnace steel in total crude steel production striving to increase to 15%. Projections indicate that by around 2045, the electric furnace process will replace the traditional blast furnace-converter long process as the primary production method in the steel industry. By 2060, the electric furnace process is expected to account for 50% of total production.

Following decades of rapid development, China's steel industry has accumulated substantial steel reserves. Coupled with national policies encouraging scrap steel recycling, China's scrap steel utilization has reached high levels. According to estimates by the China Scrap Steel Application Association, total scrap steel resources will reach 326 million tons by 2025. After accounting for consumption by the foundry industry, approximately 270 million tons will be available for steelmaking. By 2030, scrap steel resources are projected to reach 355 million tons.

Scrap steel resources primarily originate from self-generated scrap, processing scrap, and depreciation scrap. Self-generated scrap accounts for about 17% of total scrap resources. Processed scrap constitutes approximately 18%, while depreciation scrap makes up roughly 65%. Depreciation scrap primarily originates from scrapped machinery, equipment, building structures, and automobiles. However, actual total volumes have declined due to multiple factors. For instance, depreciation scrap from the construction sector has dropped significantly, decreasing by 7.61 million tons in 2024 compared to 2021.

As the scrap steel supply system continues to mature and policies impose stricter constraints on low-carbon production, the cost advantages and environmental benefits of short-process steelmaking will become increasingly prominent. From technological evolution to resource security, and from local pilot projects to nationwide implementation, electric arc furnace steelmaking is gradually disrupting the traditional long-process framework. Looking ahead, with the refined layout of scrap steel recycling networks and the intelligent upgrade of electric furnace processes, short-process steelmaking will not only become the core pathway for the steel industry's green transformation but will also lead the sector in fundamentally shifting from “scale-driven” to “low-carbon-driven” development during the 15th Five-Year Plan period and beyond. This will usher in a new chapter of high-quality development for the steel industry.

The Role of Private Steel Enterprises Will Further Emerge

In recent years, supported by policies, driven by market forces, and guided by innovation, private steel enterprises have demonstrated remarkable vitality and resilience after navigating multiple challenges including capacity adjustments, green transformation, and technological upgrades. It can be said that private steel enterprises have become a vital force propelling the industry's high-quality development and a key contributor to advancing Chinese-style modernization. Today, with the winds of a new era blowing strongly, the environment for private economic development continues to improve, policy support grows stronger, and legal safeguards become increasingly robust. The era's opportunities for entrepreneurship and national contribution favor the fertile ground of the private economy, presenting private steel enterprises with new chances to find their own “blue ocean” of development, forge ahead through challenges, and demonstrate their capabilities.

After years of steady accumulation and development, private steel enterprises play an increasingly vital role in the steel industry. In 2024, private steel enterprises accounted for nearly 60% of China's crude steel production capacity. Five private steel giants—Qingshan Holding, Jingye Group, Shagang Group, Delong Group, and Jianlong Group—made it onto the 2024 Fortune Global 500 list with outstanding revenue performance.

During the 15th Five-Year Plan period, the leading role of private steel enterprises will be fully demonstrated. In the high-end segment, they will continue to focus on breaking through technical barriers in areas such as steel for new energy vehicles and high-end special steel, empowering manufacturing upgrades with premium steel products. Regarding green transformation, they will actively explore low-carbon pathways like hydrogen metallurgy and integrated wind-solar-storage systems to drive deep decarbonization within the industry.

Simultaneously, private steel enterprises will strengthen their core competitiveness through collaborative innovation among industry, academia, and research. By extending their value boundaries through full industrial chain布局, they will secure greater influence in the global market. Their flexible operational mechanisms and sustained innovative vitality will serve as the core driving force for industry restructuring and industrial upgrading, injecting stronger private-sector momentum into the high-quality development of the steel sector.

Supply Chain Synergy: Upstream-Downstream Collaboration to Build Ecosystems

As a foundational raw materials industry, the steel sector can enhance the adaptability of its supply system to domestic demand and strengthen its resilience against risks and challenges by fostering integrated development and supply chain synergy. Against the backdrop of accelerating global supply chain restructuring and China's efforts to build a new development paradigm, fostering tighter industrial chain and supply chain integration between steel and other sectors—while transforming steel enterprises from traditional manufacturers into modern integrated service providers—has become a strategic imperative for enhancing competitiveness and achieving high-quality development. This holds significant implications for optimizing the entire steel industry ecosystem and boosting regional economic competitiveness.

To a large extent, steel enterprises are shifting from being single production entities to becoming builders of industrial chain ecosystems. Through upstream-downstream coupling, they achieve coordinated development, and the 15th Five-Year Plan period will foster a multidimensional, deep-level industrial synergy ecosystem. To enhance industrial value-added and competitiveness, China's steel enterprises are actively extending their reach along the industrial chain. The advancement and implementation of these projects not only enrich the steel industrial chain but also elevate the overall value-added and competitiveness of the industry. Simultaneously, strengthening upstream-downstream coordination builds a secure, resilient, and sustainable industrial ecosystem. Enhance collaborative innovation among upstream and downstream enterprises. Focus on customized R&D based on user needs, cultivate integrated innovation platforms and R&D bases for large, medium, and small enterprises, and jointly address supply chain challenges. Through collaborative innovation, reduce innovation costs, enhance overall competitiveness, and achieve integrated technological breakthroughs in “materials-components-equipment.”

Cross-sector integration represents a key pathway to expanding value boundaries. Deepen integration between the steel industry and downstream sectors such as construction, automotive, home appliances, and construction machinery. Provide comprehensive services spanning material selection, product design, manufacturing, logistics, and recycling to jointly develop new products, processes, and applications. Promote cross-sector integration between the steel industry and next-generation information technology, modern services, and other fields to cultivate new business models and formats. Support steel enterprises in diversifying operations through industrial tourism, cultural and creative design, and other ventures to achieve resource sharing and value re-creation.

Over the next five years, collaborative innovation will become the industry norm. Aligned with the high-end and low-carbon goals of the 15th Five-Year Plan, we will drive deep integration between steel and sectors like equipment manufacturing, new energy, and energy conservation and environmental protection, fostering a symbiotic and mutually prosperous industrial ecosystem.

International Trade Restructuring: China Bids Farewell to Extensive Export Model

On December 12, the Ministry of Commerce and the General Administration of Customs jointly issued Announcement No. 79, stipulating that starting January 1, 2026, export license management will be implemented for 300 steel products under customs commodity codes spanning the entire industrial chain—from raw materials and intermediate goods to finished products.

This marks China's return to the “license era” for steel exports after a 16-year hiatus. It represents proactive industry regulation amid expectations of record export volumes, targeting the dual challenges of “volume growth with falling prices” and trade friction.

Data from the China Metal Materials Circulation Association shows that in the first half of 2025, steel exports increased by 9.2% year-on-year, but the average price fell by 10.3% and export value decreased by 2.0%. Exports of low-value-added steel billets doubled year-on-year, with prices plummeting by 15.3%. This extensive “volume-over-price” model not only depletes domestic energy and environmental resources but also triggers intense trade barriers—since 2024, China's steel industry has faced over 50 anti-dumping cases, with some countries imposing tariffs as high as 38.02%.

In the short term, the “license-based production” policy may cause growing pains for companies reliant on volume-driven strategies. However, in the long run, this policy will end disorderly competition within the industry and propel China's steel sector from being a “major exporter” to a “strong exporter.” During the 15th Five-Year Plan period, steel enterprises will accelerate overseas factory construction and localized production, deepening their presence in emerging markets like Southeast Asia and Africa. This marks a transformation from “exporting products” to “exporting industries” and “exporting technologies,” enabling them to seize opportunities in the global trade restructuring with high-quality, green products and services.

Significant Improvement in Iron Ore Self-Sufficiency Rate

Iron ore serves as a vital foundation and raw material source for China's steel industry, with demand primarily influenced by steel production. During the 14th Five-Year Plan period, the nation implemented dual controls on both capacity and output in the steel sector, leading to a gradual overall reduction in pig iron production and a corresponding decline in iron ore demand. According to National Bureau of Statistics data, China's pig iron output reached 852 million tons in 2024, with iron ore demand totaling approximately 1.346 billion tons—a year-on-year decrease of 2.3%.

As a strategic mineral resource in China, domestic iron ore will continue to serve as a stabilizing force, with its resource security capabilities steadily improving. The “Iron Resource Development Plan” has entered an accelerated implementation phase. A number of key new large-scale mining projects are advancing rapidly, while resource succession projects and mine technical upgrade initiatives are being swiftly implemented. These efforts will contribute to a certain degree of increase in domestic ore production. However, most projects under the “Iron Resource Development Plan” require two-phase construction. Additionally, some domestic iron ore resources are gradually depleting or facing production halts. Consequently, significant short-term increases in domestic iron ore output are unlikely. China's raw iron ore production is projected to remain above 1 billion tons by 2025, with processed iron ore output reaching over 300 million tons. By 2030, processed iron ore output is expected to reach 400 million tons. Incremental imports will be partially replaced by domestic production, leading to a decline in import dependency. By 2030, China's iron ore imports (including equity-based imports) are projected to decrease to approximately 700-800 million tons. In the long term, as domestic demand for iron ore decreases and domestic supply increases, the self-sufficiency rate for iron ore is expected to rise by 20 percentage points.

From a supply-demand perspective, the oversupply situation in the iron ore market is unlikely to see substantial improvement during the 14th Five-Year Plan period. The average import price for iron ore is projected to range between $90 and $110 per ton. The Simandou iron ore project in Guinea, scheduled for completion and operation between late 2025 and early 2026, is expected to reach full production capacity around its fifth year of operation. With an annual output of up to 120 million tons of iron ore, it will contribute to maintaining a relaxed supply-demand balance in the iron ore market, potentially posing downward pressure on iron ore prices. Looking ahead, declining global iron ore grades, rising energy consumption and resource usage, coupled with higher fuel and energy costs, will increase the marginal cost of iron ore production worldwide. This will prompt some high-cost mines to exit the market, gradually restoring balance to the global iron ore supply-demand dynamics and driving prices upward with volatility.

During the 15th Five-Year Plan period, China's iron ore self-sufficiency rate will continue to strengthen, driven by dual factors: increased domestic reserves and production alongside the release of overseas equity mines. Coupled with the optimization of steel demand structure, China will gradually reduce its reliance on imported ore, fortifying its resource security barrier. Simultaneously, leveraging technological innovation and green transformation, the domestic iron ore industry will achieve high-quality development, better aligning with the low-carbon upgrading needs of the steel sector.

In summary, the 15th Five-Year Plan period will mark a critical phase for the steel industry's comprehensive transition toward high-quality development. These ten intertwined trends will propel the industry through profound transformations—shifting from scale to quality, from high-carbon to low-carbon, and from product-centric to ecosystem-oriented approaches—ultimately strengthening the foundation of the real economy.

Faced with new opportunities and challenges, steel enterprises must proactively embrace change and strategically position themselves to seize the initiative in the upcoming five-year industrial restructuring. Only then can they write a new chapter in China's steel industry—transforming it from a large-scale to a strong-capacity sector.

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