Authorities in Fuzhou, capital of East China's Fujian province, are stepping up efforts to help businesses resume production after the prolonged shutdown for the Lunar New Year holiday.

The Telegraph reported that British Steel bidder Jingye is set to axe 400 jobs at the embattled firm's Scunthorpe plant as it closes in on a takeover.

China's policymakers will strike a balance between containing the novel coronavirus pneumonia outbreak and facilitating the resumption of regular business activities as a prolonged economic standstill could trigger greater risks, economists said.

More than a third of Chinese steel mills are considering cutting steel production due to rising inventories.

There may be some shortages of containers as Chinese export numbers have taken a tumble during this crisis.

JFE Steel announced its decision to idle part of its steel plate manufacturing operations in Japan on account of falling steel demand and faltering global economic growth situation.

High-tech manufacturing shines as China's industrial profits exceed 6 trln yuan.

India has surpassed Japan in terms of annual steel production, becoming the second largest producer of crude steel in the world, after China.