China steel output near peak, say executives, in bad news for miners

BEIJING (Reuters) - Chinese steel output, which hit 779 million tonnes last year, is now close to its peak, with the market weakening and the government now determined to tackle a capacity glut responsible for mounting debts and heavy pollution, executives said.

Big miners like Rio Tinto, BHP Billiton and Vale have banked on continued growth in steel demand from China, which buys around two-thirds of the world's seaborne iron ore to feed a steel sector responsible for nearly half of the world's total output.