Adding to the woes of the global iron and steel industry is the latest announcement by one of China's biggest producers, Wuhan Iron and Steel. The company said it would cut up to 50,000 jobs. This marks more than 60% reduction of its total workforce of 80,000 employees.Ma Guoqiang, chairman of the state-owned company, warned "probably 40,000 to 50,000 people will have to find other ways forward". He added the company was facing lower demand because of which it had reduced its production capacity by 25% to 30%. Read more
