Due to the weak Chinese economic growth, the steel demand in China was expected to decline by around 0.5-1.5% this year, dropping dramatically compared to last year’s 3.5% growth.

ArcelorMittal, the leading steelmaker in the world, had also suffered by this status. The weak Chinese demand strongly affected the global steel price and that caused ArcelorMittal’s revenue got a 2% decline in the first half of 2019. If the condition didn't turn back in the future, the revenue would be lost by US$2.5 billion at the end of 2020.