China’s steel production is expected to grow only modestly this year, driven by rising urbanization and Belt and Road Initiative projects, Australia’s Fortescue Metals Group chief executive Elizabeth Gaines said on Wednesday.
Gaines, who heads the world’s No. 4 iron ore producer, said she expected China to produce around a billion tonnes of steel in 2019, with Chinese data showing 7% growth for the first 11 months of the year.