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The Geography of Market Power: Rethinking Consolidation in China’s Steel Industry

Loren Brandt, Feitao Jiang, Yao Luo, Yingjun Su, May 06, 2026

China’s steel industry is the world’s largest, but it is also famously fragmented. For years, policymakers have pushed for mergers and acquisitions to consolidate the sector, aiming to boost efficiency and create a handful of national champions.