China's Steel Industry Braces for Painful Consolidation

Some economists warn that central banks, including the Federal Reserve, have pushed their interest rate hiking cycle too far. Meanwhile, Chinese investors are wary of the growth prospects for the world's second-largest economy. The troubling trends in the world's two biggest economies have sparked concerns that the global economic landing might be far more turbulent than initially anticipated.  For instance, this morning, the world's biggest steel producer in China, China Baowu Steel Group, warned that the steel industry is plunging into a…