China Leading Steelmakers Withstand Weaker Output and Trade

China’s steel producers are operating in an environment of lower output, softer exports and some margin pressure, but these conditions are unlikely to significantly weaken the credit profiles of the largest Fitch-rated issuers, Fitch Ratings says. Large state-owned producers, such as China Baowu Steel Group (A/Stable) and HBIS Group (BBB+/Stable), are better positioned than smaller peers, given their scale, market position and greater exposure to manufacturing-related steel products, which are outperforming construction steel.