American steel manufacturers are held to a set of standards created by organizations like The American Society for Testing and Materials (ASTM) that determine the appropriate chemistry mixes for different types of steel. These standards are intended as a safety precaution to ensure the right quality of metal is being used for the right product.
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Companies in China are producing steel at a faster rate, flooding the market and dropping prices. It is produced at a rapid rate and it is not held up to the same quality standards as American steel. There are anti-dumping laws in place by the World Trade Organization to prevent foreign companies from exporting, or 'dumping,' goods to the United States at either prices too far below the domestic price or when they flood the market with an excess quantity that is beyond the normal competition. This situation has lead to trade wars headlined by tariffs between the United States and China.
The drive behind that stellar increase has been China's double-digit economic growth over the past decades. That led to ever more domestic demand for steel and the government invested heavily in the industry during the boom years.
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But that demand has been severely hit by the current slowdown, leaving China with more steel than it needs. It produced more than 822 million tonnes of steel in and is expected to produce even more this year, yet projected demand for its steel in is only 672 million tonnes.
Chinese steel is therefore sold on the international market at extremely low prices - critics say it's sold at a loss. As a consequence, other countries' steel plants find it increasingly hard to compete.
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