China is taking its demand for steel on the road by investing in iron-ore mines and planning to build steel mills in such places as Brazil, Australia and the U.S. Chinese steel producers are locking in supplies for increasingly scarce and expensive raw materials, such as iron ore and nickel, while positioning themselves in new markets in anticipation of what some see as the inevitable cooling of consumption at home. Establishing such ties is creating jobs and boosting the economy in places like the Iron Ore Range in Minnesota and the mountains of New Guinea. China, the world s largest steel consumer, produces nearly 30 percent of the world s steel. Production is expected to grow 19 percent this year; about 16 blast furnaces are under construction.
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