Gains galore for steel companies from B&R drive

Chinese companies should play a bigger role in global steel production and trade, rather than just export basic products, and utilize the Belt and Road Initiative for expanding reach, a top industry official said.

"The Belt and Road Initiative will open new channels for Chinese steel companies to go global and help build a stronger presence in the global trade chain," said Chi Jingdong, vice-chairman of the China Iron and Steel Association.

Chi said it is imperative for Chinese steel companies to make use of such opportunities, because competition and unilateral protectionism in the global steel market could intensify after the United States decided to impose punitive tariffs on steel product shipments.