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India has pledged to reach net-zero by 2070 despite its massive reliance on fossil fuels. Its two richest men, Mukesh Ambani and Gautam Adani, are competing to dominate that new green economy.
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China’s steel industry is entering a precarious new era as a worsening property crisis imperils demand and Beijing’s construction-led growth model looks increasingly untenable.
Almost a third of China’s steel mills could go into bankruptcy in a squeeze that’s likely to last five years, Li Ganpo, founder and chairman of Hebei Jingye Steel Group, warned at a private company meeting in June. “The whole sector is losing money and I can’t see a turning point for now,” he said, according to a transcript of the gathering seen by Bloomberg News.
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