Chinese steel never actually meets the specifications for the grade they claim it to be. The pervasive tendency to cut corners and use substandard materials in lower quantities necessary to cut costs and increase profits is rife in ALL Chinese industries.
They have zero innovation as well, making it extremely easy for other steel businesses to copy each other and rise up the exact moment any profits come rolling in.
It dumb as hell that Australia exports the iron ore and the good type of coal needed to make steel all the way to China because if its worried about its own CO2 production. But it’s ok to buy that steel back again after China has created the CO2. Utter madness.
Xinping banned the import of Oz Coal after they were accused of the Wuhan virus( which they are) . It led to massive power blackouts and closedowns. They havnt recovered since
@@kathleenking47 Plus plastic noodles....I remember walmart changing out the old good brand of ramen they'd had since I was a child for chinese ones...literally tasted like plastic and why I never tried more then a little taste bite. The things never sold and lasted barely a week before walli got rid of them.
Imagine they probably export best products and sell worst crap domesticaly, cause well, give some money to important person and he/she will turn blind eye on "issues".
I cannot understand people working for months with no pay. CEOs making millions while workers starve. Question: Isn't that what started the whole "communist revolution" last century? What has communism accomplished? Different group of rich people. Period.🤔
They do it in the forlorn hope that they may get paid at some point in the future. Bosses deliberately work this system with the intention that those who choose to leave won't be entitled to any severance package. It's a kind of `induced redundancy'. Eventually, the workforce may fall to a sustainable level and those left after the cull may begin to receive wages again. This is not communism, but true Darwinian capitalism. The state doesn't give a toss...
The real estate market in China has collapsed and will never recover. There will not be new demand for new buildings. The steel mills were at over capacity to meet this market and now it it gone for good. The population in China is in inevitable decline.
I don't think that is exact. Chinese construction is notoriously shoddy. There will be a resurgence of the real estate market in a couple of decades when buildings start to become unlivable faster than the population decline. Although one cannot be too sure about the timeline, could be 20 years or 40 years. One thing is sure, those buildings are coming down. There is also a fair bit of infrastructure which has to be rebuilt in a few years as well.
Talk of building is easy. As they say in Jerry Mcguirre, "Show me the money!" They likely won't have the money to demolish and disposed of even half those buildings and structures. There are also 900,000 dams and most of them have reached their built life-span and are in serious need of replacement.
The problem isn’t that china isn’t making enough steel, it’s that the domestic demand has cratered through the floor due to it’s collapsing real estate market. And their revolutionary 3600x production output technology is the absolute reverse thing they need right now. They need an upsurge of demand, not more supply. And before you say “unload it all overseas”, they are doing that with their cheap steel, and it’s angering overseas market. Nations with their own domestic steel industries are at great threat from flooding of cheap chinese steel and governments are going to protect their domestic steel industries (critical defense manufacturing). So now tariffs are going to be put on chinese steel on many of these nations, further sending chinese steel industry woes deeper.
China’s steel industry (and many of its other industries) that have been booming the last 10 years are not going to completely disappear. It’s all consolidating and self correcting in response to its current economic struggle. It’s going to hurt bad in the short-mid term, but consolidation is a natural process when your economy is reeling from a sudden economic dump after a major industry expansion driven by then-optimistic assumptions and unrestricted government subsidies.
I love how Chinese people talks about this like its an economic downturn, like the ones in the west. No sweetie, your decoupled and going back to the same economic prosperity as that of your grandparents. Have fun Xi. And remember, don't eat the food.
Don't worry; the Party has (apparently) their own special farms and food production services, to feed the elite pure and high quality fare, while the masses deal with tainted and poisonous garbage.
British steel was the best. My Dad was involved with the harden and tempering process. Several customers shifted to China's steel as it was cheaper, but all came back in the end as the Chinese steel was bad.
Every time I come across chinese steel of any sort on any of my construction jobs its always been trash, week and severally underperforming in the work its required to fulfill. I've been very open about that, few that choose to say nothing then always have something to say once they're the ones having to deal with the trash while attempting to install the crap.
Sounds about right. In the auto shop I worked in for many years, we had an anvil that lasted about 26 to 28 years that had been made in germany. When it finally broke, I put in an order for a new one of some more quality, but instead the new management decided that we should use the new craftsman ones. These were made in china. I broke three in less than a year doing the same tasks that I did with the one made in germany.
the bigger steel mills most likely acquired the market share of the smaller mills. there are thousands of steel mills in China but the trend is consolidation of the big boys and closing down of smaller plants. sad. the rich get richer, the middle class gets stomped out.
@martainroth2588 I may be wrong but considering quality is not a high point of Chinese manufacturing, it seems to me that running a small plant would be a more efficient use of resources.
It's due to greed. Steel companies form subsidiaries in other cities to corner as much contracts as they can when times were booming. Now that the industry is in a slump, holding companies are liquidating their subsidiaries to escape paying severance benefits to their employees.
In China's brutal centrally planned economy? The CCP will eliminate entire industries without a single shred of concern for anyone or anything. "Upper management" as a closed Chinese steel mill got the same treatment the lowest paid worker does, Everybody was told "this is your last shift, bye-bye"
@@leetakamiya So what you are saying is that if you are not getting paid for work you might as well go to work anyway because if you don't then you'll just be sitting around the house, At least if you go to work the boss will make money and you'll be killing time waiting to see if you get paid.....humm are you Chinese??
The reasons are touched upon in the video. The locals are making do with a much lower wage than the steel workers normally bring, the bosses know this so they cut and delay pay. If they are cutting corners on the quality of the product, why not cut corners on the wages. Second, workers in China can demand 1 month severance if they are fired. So the worker in the video who has 6 years on the job, can demand 7 months pay if they are fired or laid off. So it is in the best interest of the owner to squeeze the workers on pay. Worst case half the workers quit at once, the owner can just run away. The rule of law is weak in China, so the workers have little recourse.
*This's absolutely mind-blowing! 75 steel mills in China shutting down overnight is a huge wake-up call about the country’s economic struggles. The ripple effect is devastating for workers and the entire steel industry. Can you imagine the aftermath in 2025?*
@@naruto6918 Sh*t happens. Especially in California. It is a local thing. Not nationwide. And, the homeless are mostly rich folk living in million dollar homes. Their insurance will see them through.
Close inspections of mass-produced Chinese Steel will show a quality slightly above the metal used to build the Titanic. In short, it wouldn't pass a routine high school metal shop quality control inspection.
Why is she showing a steal factory that looks like it’s been closed for a few years? You can see weeds growing on the ground and mechanical equipment are rusted. Certainly doesn’t look like it closed overnight but rather a few years ago!
You should see their restaurants and houses filled with filth and bugs. You would assume it's be unused for months but people there actually live/work in such conditions. Don't just assume they maintain facilities to the same standards here. They have 10 year old paper mache buildings that look like they are 50 years old with cracks and surface degradation. Building and maintenance quality differs there.
This is the reason why China wants to build the biggest Water power plant in Tibet. For this project they will need enough steel to let the steel mills running again. All the people are depending then on the state and on the big building projekts. The problem is that this is only a temporary solution over time. The steel market in china is doomed.
My aunty Yu Dum Ho is currently jobless in China. She said getting a job is harder than squeezing milk from a suckling hippopotamus - Chinese proverb. Please pray for her safety 🙏 Edit: this comment has reached a momentus 4 likes. Yu Dum Ho has been overcome with joy.
It was only matter of time before the steel sector to come crashing down. When the housing market collapse, steel production was needed to be cut back on production. It did not and tried to sell the excess overseas. That in turn caused countries to increase tariffs. Now, another sector supply and demand lines are facing collapse.
Novel idea, How about you make steel that doesn't bend like a pipe cleaner withone hand. Also masie global dumping of tofu dreg steel is another reason. I have no sympathy.
The Chinese housing boom which was artificially inflated has now collapsed or close to it and that’s has triggered a domino effect which is affecting the local steel industry. It’s only a matter of time before the next domino falls. Yet china’s government plans on fixing the situation by looting Taiwan’s microchip manufacturing plants but that’s would be only a temporary fix at best because china’s powers that be is only kicking the can far enough down the road for it to be someone’s else’s problem while taking everything they can & get away with it. But it’s only a matter of time before all of the government corruption, public corruption, shoddy construction (tofu drag), and its disgusting lack of transparency, accountability, integrity, and quality control. Like getting used oil from the garbage and or the sewer. Then cook the chemical ridden fake imitation food with it. Is going to cause an economic recession of such a magnitude that nobody has ever heard of before and it’s going to an epic man made disaster of biblical proportions for the Chinese people. It’s going to be a drag on the rest of the world’s economy but hopefully people like President TRUMP will see this was coming and is going to make America and it’s allies economies resistant enough to weather the inevitable collapse of the Chinese economy and possibly it’s government.
China is the world largest steel producer with about 500 large steel mills. Which 75 collapsed steel mills are you referring to? Can you name just 10 of them?
Reminds me of that 4chan post in 2016 where an anon screams "Do not learn Mandarin... they will send you to China" and began narrating how everything was substandard in the steel industry.
you are right, the factories were abandoned years ago. they only used stock-footage to visualize the current situation in china. its not easy to get footage of the closing factories, you maybe forget that china (ccp) doesnt want the western world to get in knowing of their internal difficulties and therefore trying everything to keep this a secret.
So I bought a windmill ,but there's no wind ! . I bought solar panels but there's not enough daylight , I have an exercise bike with a Dynamo on it ,that should be good to light up a couple of rooms and warm me up at the same time . . YIPPEE problem solved !. . . . But wait what do I use to fire up the Steel making furnaces ?
yes the small steel mills are in bankruptcy but larger steel mills are still in business. company i work for has a lot of cancel order due to China's steel are about 5-10% cheaper even with anti dumping duty. some of my clients even set up office in China because of cheap steel.
Chinese quality is a problem in the usa. High pressure gas pipelines are failing built with Chinese steel. I have personally seen this and we postponed construction of pipeline projects until we could source from another source. The line is junk and we are cutting out and replacing all that was installed
this is what happens in the world... they will move on to cheaper places till everywhere becomes expensive to make stuff (at that point i feel that is where equality will happen). america experienced this and adapted and now china has to adapt... and so far it is not going well
There was a time chen all Chinese were very frugal and saved 30% of there income. In this new economy, there has been an encouragement to take on more and more debt. Everyone was buying homes and cars that can't afford. Just like in America. The country grew way, way to fast.Developed to much appetite for consumption. You are tying to ":Keep Up With The Kardashians."
Another good reason for Australia to decouple itself with China as an export market for things like iron ore and the like. Methinks that China will slow their imports simply because they have too. The resources boom that has sustained Australia for the better part of 4 decades or something is very much at the end I think. Time to concentrate on South Korea, Japan and Taiwan as markets.
Americans went through similar, I do pity them in sense that they can no longer provide for their families but that’s where it ends as well. Demand dropping is natural when the global economy is down. So many Americans lost their jobs in manufacturing before, it was a deep pain. I believe American steel will rise again, there will be a push. I can already see it.
While I sympathise with those who lost their jobs I can't help thinking it is good that the plants have shut down bc they destroyed The British Steel industry and I believe in many other countries due to the markets being flooded by the cheaper steel.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Chinese steel never actually meets the specifications for the grade they claim it to be. The pervasive tendency to cut corners and use substandard materials in lower quantities necessary to cut costs and increase profits is rife in ALL Chinese industries.
Hi. KInd of freaked me out for a second !
I agree by the way.
The Chinese fans I buy have so little magnetic material, they barely blow any air.
My professional career entailed going after this. All the substandard and fake products coming out of China is staggering.
They have zero innovation as well, making it extremely easy for other steel businesses to copy each other and rise up the exact moment any profits come rolling in.
It dumb as hell that Australia exports the iron ore and the good type of coal needed to make steel all the way to China because if its worried about its own CO2 production. But it’s ok to buy that steel back again after China has created the CO2. Utter madness.
Commie australian govt is wacko
they pick on Australia ,but China has a free for all,and can pollute all it likes ,Their excuse ''Well its a developing country''
Once China finishes collapsing, Australia needs to build out its own steel mills.
If you have the coal and you have the ore, you have steel.
Yeah, Canada too. It makes zero sense
Xinping banned the import of Oz Coal after they were accused of the Wuhan virus( which they are) . It led to massive power blackouts and closedowns. They havnt recovered since
Such a waste of resources and investment. Stop investing in China.
They claiming western companies are spies so they are all leaving ccp unfriendly businrss environment
Tofu dreg, and plastic rice?
Almost nobody invest in China anymore. You will never get your money back out.
The world has gone zero-China !
@@kathleenking47 Plus plastic noodles....I remember walmart changing out the old good brand of ramen they'd had since I was a child for chinese ones...literally tasted like plastic and why I never tried more then a little taste bite. The things never sold and lasted barely a week before walli got rid of them.
The closure of these mills that produces substandard products sounds good to me.
If financial advisors tell you to invest in China. Go to another company
Steel from China has always been subpar. Barely meeting minimal specifications.
Imagine they probably export best products and sell worst crap domesticaly, cause well, give some money to important person and he/she will turn blind eye on "issues".
Such a waste of resources and investment. Stop investing in China.
Any thing made in China is good?
But they still managed to kill UK manufacturers.
@@SAM_Felipewe are not the oligarchs are.
I cannot understand people working for months with no pay. CEOs making millions while workers starve. Question: Isn't that what started the whole "communist revolution" last century? What has communism accomplished? Different group of rich people. Period.🤔
Every leftist when communism fails: That wasn't "real" communism...
@@protorhinocerator142 That just means: "I'm not the new rich communist, so they must be wrong".
They do it in the forlorn hope that they may get paid at some point in the future. Bosses deliberately work this system with the intention that those who choose to leave won't be entitled to any severance package. It's a kind of `induced redundancy'. Eventually, the workforce may fall to a sustainable level and those left after the cull may begin to receive wages again. This is not communism, but true Darwinian capitalism. The state doesn't give a toss...
Definition of a communist …someone who has nothing and wants to share it with everyone….
Communism was for poor farmers who could not read or write, so they could have good life but human creed turned that too to slavery
The real estate market in China has collapsed and will never recover. There will not be new demand for new buildings. The steel mills were at over capacity to meet this market and now it it gone for good. The population in China is in inevitable decline.
I don't think that is exact. Chinese construction is notoriously shoddy. There will be a resurgence of the real estate market in a couple of decades when buildings start to become unlivable faster than the population decline. Although one cannot be too sure about the timeline, could be 20 years or 40 years. One thing is sure, those buildings are coming down. There is also a fair bit of infrastructure which has to be rebuilt in a few years as well.
@@novat9731 The demand for tofu will rise.
@@novat9731they are in SEVERE population decline….they will need much less housing in the future.
Talk of building is easy. As they say in Jerry Mcguirre, "Show me the money!" They likely won't have the money to demolish and disposed of even half those buildings and structures. There are also 900,000 dams and most of them have reached their built life-span and are in serious need of replacement.
@@novat9731They may be shoddy but those still need the steel. Even at their worst, no building of theirs is built with ZERO PERCENT steel included...
Well they won't be needing australian coal.
The business of building empty cities used lots of steel and has declined.
Other countries want our coal but their prices could vary( depending on demand)etc….
Nope...
ruclips.net/video/8WnvulH0URA/видео.htmlsi=Urnfw520DmoeGlRK
.
Those ghost cities are the very image of wasteful mismanagement when real capitalism is outlawed.
The problem isn’t that china isn’t making enough steel, it’s that the domestic demand has cratered through the floor due to it’s collapsing real estate market.
And their revolutionary 3600x production output technology is the absolute reverse thing they need right now. They need an upsurge of demand, not more supply.
And before you say “unload it all overseas”, they are doing that with their cheap steel, and it’s angering overseas market. Nations with their own domestic steel industries are at great threat from flooding of cheap chinese steel and governments are going to protect their domestic steel industries (critical defense manufacturing). So now tariffs are going to be put on chinese steel on many of these nations, further sending chinese steel industry woes deeper.
China’s steel industry (and many of its other industries) that have been booming the last 10 years are not going to completely disappear. It’s all consolidating and self correcting in response to its current economic struggle. It’s going to hurt bad in the short-mid term, but consolidation is a natural process when your economy is reeling from a sudden economic dump after a major industry expansion driven by then-optimistic assumptions and unrestricted government subsidies.
I love how Chinese people talks about this like its an economic downturn, like the ones in the west. No sweetie, your decoupled and going back to the same economic prosperity as that of your grandparents. Have fun Xi. And remember, don't eat the food.
They dont realise that their Over Production cause harm to other economies ...
Ofc they are going to play Tragic Victim
Don't worry; the Party has (apparently) their own special farms and food production services, to feed the elite pure and high quality fare, while the masses deal with tainted and poisonous garbage.
can confirm the rice is now plastic
We all love plastic
@@theAmdisen391 U know .... Plastic cost more than real rice 🥱
The mills shown at the beginning have been closed for at least a decade.
I was about to say that, it lost its roof, all rusted .
You KNOW it’s REALLY bad when steel mills are going down, (aka the foundation of many projects the government could ever invest in)
they really focusing on trash car market with an ev
I have 3 words.. "Learn to farm." You're going back economically.
Good advice
Get rid of your govt who wont keep your employef
Yep. That's prolly a good idea for all people. Especially Europe seems to be going down fast now. Just wait another 5-10 years and you'll see..
provided you own your land
@@sabijea state owns all the land /leased
What country would buy steel from China, it's the worst in the world, we want German or American steel, not cheap brittle steel from China.
You'd be surprised with how cheap some people are.
their REBAR is called BRITTLE BAR global wide
AKA pig iron
What american steel? Are we still producing any? We import from Canada.
British steel was the best. My Dad was involved with the harden and tempering process. Several customers shifted to China's steel as it was cheaper, but all came back in the end as the Chinese steel was bad.
Upper management already left the country 😂
With their money already in foreign banks, they are safe.
Every time I come across chinese steel of any sort on any of my construction jobs its always been trash, week and severally underperforming in the work its required to fulfill. I've been very open about that, few that choose to say nothing then always have something to say once they're the ones having to deal with the trash while attempting to install the crap.
Sounds about right. In the auto shop I worked in for many years, we had an anvil that lasted about 26 to 28 years that had been made in germany. When it finally broke, I put in an order for a new one of some more quality, but instead the new management decided that we should use the new craftsman ones. These were made in china. I broke three in less than a year doing the same tasks that I did with the one made in germany.
the bigger steel mills most likely acquired the market share of the smaller mills. there are thousands of steel mills in China but the trend is consolidation of the big boys and closing down of smaller plants. sad. the rich get richer, the middle class gets stomped out.
Capitalism baybee
@@RatgodxIs it capitalism or the planned economy model going bye bye? Right now, neither is looking good for China.
It's also a matter of quality, the smaller plants are usually not as good and the better quality business are more successful.
@martainroth2588 I may be wrong but considering quality is not a high point of Chinese manufacturing, it seems to me that running a small plant would be a more efficient use of resources.
It's due to greed. Steel companies form subsidiaries in other cities to corner as much contracts as they can when times were booming. Now that the industry is in a slump, holding companies are liquidating their subsidiaries to escape paying severance benefits to their employees.
So, has upper management lost their jobs, suffered pay cuts and benefit losses?
I'd venture to say, probably not.
It's always the workers that suffer.
Never. Never ever.
In China's brutal centrally planned economy? The CCP will eliminate entire industries without a single shred of concern for anyone or anything. "Upper management" as a closed Chinese steel mill got the same treatment the lowest paid worker does, Everybody was told "this is your last shift, bye-bye"
They have pulled their money and left china - visas numbers to leave are up
Seriously doubt it.
If the mill is closed, I’d say no one’s getting paid lol
China must have the best workers in the world. Who else would work for 6 months without getting paid. " Employment with Chinese characteristics"
Presumably they have no better alternatives. It is a characteristic of a lousy worker, not a good one.
@@leetakamiya So what you are saying is that if you are not getting paid for work you might as well go to work anyway because if you don't then you'll just be sitting around the house, At least if you go to work the boss will make money and you'll be killing time waiting to see if you get paid.....humm are you Chinese??
The reasons are touched upon in the video. The locals are making do with a much lower wage than the steel workers normally bring, the bosses know this so they cut and delay pay. If they are cutting corners on the quality of the product, why not cut corners on the wages. Second, workers in China can demand 1 month severance if they are fired. So the worker in the video who has 6 years on the job, can demand 7 months pay if they are fired or laid off. So it is in the best interest of the owner to squeeze the workers on pay. Worst case half the workers quit at once, the owner can just run away. The rule of law is weak in China, so the workers have little recourse.
They just idiot working without pay
Those are the characteristics they want from all of us. work for nothing and pay to live.
Oh no! What will I do now when I what cheap, absolute garbage 'steel'?
Hopefully tariff's on Chinese steel. Nobody want's their under-spec steel.
They make nothing I want. It's all tofu and temu.
*This's absolutely mind-blowing! 75 steel mills in China shutting down overnight is a huge wake-up call about the country’s economic struggles. The ripple effect is devastating for workers and the entire steel industry. Can you imagine the aftermath in 2025?*
As a consumer, material is something that makes "country of origin" matter.
When I hear the economic bad news out of China, and of workers losing their jobs,
am I the only one that rejoices??
Nope, I'm in the rust belt and I'm rejoicing. Now they know how it feels to lose jobs. I call it Karma.
Likewise my friends
@@rionthemagnificent2971 you know that, they brought up british steel....we have no steel now =[ they even took the equipment and rubbled the sites
What about 200k got homeless in California wildfires
@@naruto6918 Sh*t happens. Especially in California. It is a local thing. Not nationwide. And, the homeless are mostly rich folk living in million dollar homes.
Their insurance will see them through.
They use old stock footage as they probably get arrested for trying to film existing factories - or even uploaded iPhone footage...
Close inspections of mass-produced Chinese Steel will show a quality slightly above the metal used to build the Titanic. In short, it wouldn't pass a routine high school metal shop quality control inspection.
I remember how bad the Chinese steel are when they were building the bay bridge. The cables and bolts were rusting after a few weeks
Why is she showing a steal factory that looks like it’s been closed for a few years? You can see weeds growing on the ground and mechanical equipment are rusted. Certainly doesn’t look like it closed overnight but rather a few years ago!
Unfortunately this channel only reports china 100% negative.
some of these stock videos don't correspond to the current events being reported.
GE ..........BINGO thought the same .
Having worked in one I've seen those conditions in operation. Because of how hard the work is nobody cares about appearances.
You should see their restaurants and houses filled with filth and bugs. You would assume it's be unused for months but people there actually live/work in such conditions. Don't just assume they maintain facilities to the same standards here. They have 10 year old paper mache buildings that look like they are 50 years old with cracks and surface degradation. Building and maintenance quality differs there.
Don't need much steel since the housing market collapsed.
Wait… Chinese cars contain steel? Naahhh
🤣🤣🤣🤣🤣🤣👌🏼👏🏼
I will need to see proof.
At around 6:00 You can see that safety is a facade. That person is wearing a hard hat but also wearing slippers hahaha.
It looks like this person is just a visitor.
Not a worker. But you are right.
Safety shoes defined make sense in this environment - for everyone.
You don't even need to watch until 6:00 just look at 5:36 !
On other channels, the Little Pinks have been touting that over-production is good because you are preparing for the future. Riiiiight.
To turn it into shovels, and hoes as they're going baaaack to farming.
That’s exactly what happens when you start building military with your gdp China could have keep growing if they would stayed peaceful
100%
Chinese steel is very poor quality
They don't seem to understand tempering.
Over production/supply of steel & less demand from end users from abroad.
Nobody builds high-rise building.
First recession in 30 years, they won't know what it's like until they are year into the recession and then they will understand.
Tofu steel. I would not take an china made elevator or high rise building.
This is the reason why China wants to build the biggest Water power plant in Tibet. For this project they will need enough steel to
let the steel mills running again. All the people are depending then on the state and on the big building projekts. The problem is that this
is only a temporary solution over time. The steel market in china is doomed.
spending tax money to show a profit in another sector is a shell game. only new orders from actual consumers pays the bills.
The dam will have a big impact on India and other small counties' water supply.
Wonder how much Boron is in these tofu toothpicks?
Welcome to what Americans went through 😂
Now you know how it felt when so many places in America closed and went over seas.
Good thing Trudeau supports this type of government.
中国經濟崩潰才剛開始，沒那麼快完結。中国和香港最聰明的人，早在2019年已走資轉投美股/台股/日股，到現在最少有一倍利潤🤩，就算只存美元定期，每年也有4.X%被動收入。
中国仍然有很多冥頑不靈的人不信邪，相信獨裁者的宣傳，將會輸掉所有。😎
A lot of Mainlanders bring the money to Hong kong to change to US dollars or buy life insurance.
Communist madness
I doubt they even make steel there, I've seen tofu dreg buildings' rebars and they snap like twigs 🤣
So, how much do the workers make per month, to be cheated out of their wages? Just seems like normal people wanting to work. Just like any country.
My aunty Yu Dum Ho is currently jobless in China. She said getting a job is harder than squeezing milk from a suckling hippopotamus - Chinese proverb. Please pray for her safety 🙏
Edit: this comment has reached a momentus 4 likes. Yu Dum Ho has been overcome with joy.
Other people think you are lying. They think this video is fake but they are not.
@iancheng6527 you are right
Lol
Chinese Population is very patient, how long?
It was only matter of time before the steel sector to come crashing down. When the housing market collapse, steel production was needed to be cut back on production. It did not and tried to sell the excess overseas. That in turn caused countries to increase tariffs.
Now, another sector supply and demand lines are facing collapse.
Ĺ
With 80 million vacant apartment units out there, where's the demand?
Novel idea,
How about you make steel that doesn't bend like a pipe cleaner withone hand.
Also masie global dumping of tofu dreg steel is another reason.
I have no sympathy.
The Chinese housing boom which was artificially inflated has now collapsed or close to it and that’s has triggered a domino effect which is affecting the local steel industry. It’s only a matter of time before the next domino falls. Yet china’s government plans on fixing the situation by looting Taiwan’s microchip manufacturing plants but that’s would be only a temporary fix at best because china’s powers that be is only kicking the can far enough down the road for it to be someone’s else’s problem while taking everything they can & get away with it. But it’s only a matter of time before all of the government corruption, public corruption, shoddy construction (tofu drag), and its disgusting lack of transparency, accountability, integrity, and quality control. Like getting used oil from the garbage and or the sewer. Then cook the chemical ridden fake imitation food with it. Is going to cause an economic recession of such a magnitude that nobody has ever heard of before and it’s going to an epic man made disaster of biblical proportions for the Chinese people. It’s going to be a drag on the rest of the world’s economy but hopefully people like President TRUMP will see this was coming and is going to make America and it’s allies economies resistant enough to weather the inevitable collapse of the Chinese economy and possibly it’s government.
China is the world largest steel producer with about 500 large steel mills. Which 75 collapsed steel mills are you referring to? Can you name just 10 of them?
75x steel companies have to shutdown, operating at a loss and not enough buyers. 100,000+ jobs loss. disaster in China.
Gonna be hard to keep building the outsides of them naval vessels. Anybody know how the cardboard innards are doing?
Why not China use steel to make tanks and warships????
They did but nobody buy their weapons because of quality.
Temu tanks and temu carriers??...😂😂😂😂😂😂😂😂😂😂
Reminds me of that 4chan post in 2016 where an anon screams "Do not learn Mandarin... they will send you to China" and began narrating how everything was substandard in the steel industry.
We lose money on every ton, but we make up for it with volume.
Those images aren’t from a factory open last week? Years of rust and rot?
That job at 11:26 looks very dangerous. Where are the guardrails and other safety features?
Those steel mills looked like they were abandoned more than a few days ago. More like a few years.
you are right, the factories were abandoned years ago. they only used stock-footage to visualize the current situation in china.
its not easy to get footage of the closing factories, you maybe forget that china (ccp) doesnt want the western world to get in knowing of their internal difficulties and therefore trying everything to keep this a secret.
So I bought a windmill ,but there's no wind ! . I bought solar panels but there's not enough daylight , I have an exercise bike with a Dynamo on it ,that should be good to light up a couple of rooms and warm me up at the same time . . YIPPEE problem solved !. . . . But wait what do I use to fire up the Steel making furnaces ?
My school used to buy cheap Chinese metal to help the students learn welding
.................but it kept breaking before it was finished welding it! LOL
yes the small steel mills are in bankruptcy but larger steel mills are still in business. company i work for has a lot of cancel order due to China's steel are about 5-10% cheaper even with anti dumping duty. some of my clients even set up office in China because of cheap steel.
Their dumping steel comrs back to haunt with inferior grade steel
Chinese quality is a problem in the usa. High pressure gas pipelines are failing built with Chinese steel. I have personally seen this and we postponed construction of pipeline projects until we could source from another source. The line is junk and we are cutting out and replacing all that was installed
What is even left remaining in China?
Cancer and tofo dreg
premade meals of death industry
this is what happens in the world... they will move on to cheaper places till everywhere becomes expensive to make stuff (at that point i feel that is where equality will happen).
america experienced this and adapted and now china has to adapt... and so far it is not going well
At that point( if not before) , factories will be fully automated and no one will work there.
That does not look like a busy steel mill closed a few days ago tho.
True , OR is this PROPAGANDA !
No worries our great belt and road will take all the steel.
😂😂😂😂😂😂😂
Does this mean war is soon? To give all those unemployed something to do
Thats great.now they can enjoy free trade.
The only way to the light and success of a nation is FREEDOM!! FREEDOMS ALL AROUND. BUT HAVING BASIC LAWS AND HUMANITARIAN RULES
They’re going back to the days of looting everyone metal possessions to make steel XD
Welome to capitalism China
Well well well they did this to us. How does it feel. 🎬
There was a time chen all Chinese were very frugal and saved 30% of there income. In this new economy, there has been an encouragement to take on more and more debt. Everyone was buying homes and cars that can't afford. Just like in America. The country grew way, way to fast.Developed to much appetite for consumption. You are tying to ":Keep Up With The Kardashians."
Another good reason for Australia to decouple itself with China as an export market for things like iron ore and the like. Methinks that China will slow their imports simply because they have too. The resources boom that has sustained Australia for the better part of 4 decades or something is very much at the end I think. Time to concentrate on South Korea, Japan and Taiwan as markets.
The repair parts for my car and all my Xmas gifts came from China. I'm only seeing clothing and shoes coming from other countries like Vietnam.
Nobody said nothing is coming out of China still just less and less each year!
Bad news for the employees. That is what happens when the economy is not based on fundamentals. Blame the emperor .
Can't say I'm at all sorry about this.
It's not the Chinese people's fault it's the government.
Sad for the WORKERS , NOT Pooh Bear
Lool such ba that woman goes to a ols factory filled with dust and says it was used the day before. This propaganda needs a upgrade
Americans went through similar, I do pity them in sense that they can no longer provide for their families but that’s where it ends as well. Demand dropping is natural when the global economy is down. So many Americans lost their jobs in manufacturing before, it was a deep pain.
I believe American steel will rise again, there will be a push. I can already see it.
🤔 i wonder if its from selling fake steal.😂
when a giant walk he move the ground when a joint in his body weaken he fall like a house of cards.
Chinese steel is not good quality, if you said Japanese they have better quality
Germany and Japanese steel is the best. Chinese steel 👎
The factory from the footage has obviously been abandoned for much more than two weeks with the amount of rust and decay.
I wonder how these film materials are allowed to be shown by the party’s narrative?
I'm pretty sure they bought all that old equipment at a discount and it was surely not going to last forever. Depreciation!
Still isn't an indicator. It typically lags about 6 months behind the market adjustments.
WHO CARES?
While I sympathise with those who lost their jobs I can't help thinking it is good that the plants have shut down bc they destroyed The British Steel industry and I believe in many other countries due to the markets being flooded by the cheaper steel.
GOOD 🇺🇲
Green Iron is the thing that will reserect the steel industry
The question is was it because of luck of quality of the product in question o simply no market for the product or both
If the housing market has been using Chinese sub-standard steel, it sounds to me like you can count on those buildings falling down at some point.