郁金香鲜切花生产材料:专家帮忙翻译，谢谢

Until these deals, steel had largely been a national business, with America's traditional integrated producers serving chiefly the domestic market. The international steel business consisted of export trade, rather than the ownership of assets in several countries. The emergence of Arcelor and Mittal has changed all that, with steel groups that have an increasingly global dimension. Even the formerly insular US Steel, America's biggest domestic producer, now owns plants in eastern Europe that account for a big part of its output.

Both Mr Mittal and Guy Dollé, head of Arcelor, agree that the global industry will come to be dominated by a handful of big groups with production of around 100m tonnes a year. Aditya Mittal, president and chief financial officer of his father's company, told a recent London conference (run by a consultancy, World Steel Dynamics, and Metal Bulletin) that one of the emerging majors would be bound to be Chinese, despite the extreme fragmentation of China's industry at the moment.

In 1994 China's steelmaking capacity was only 11% of the world total, now it accounts for roughly 25%. The country's production has tripled since 2000 and consumption has more than doubled—every monthly twitch of demand sends ripples through markets round the world. Last autumn, and again in the spring, China was briefly a net exporter of steel. Coil steel prices slumped from $600 per tonne in March to $440 in early summer. Though prices recovered somewhat during the autumn, the abrupt decline showed China's influence over all markets.
The worry on every steelman's mind is that as the growth in demand for steel slows from its recent hectic rates, the huge increase in Chinese production capacity will be diverted to turning out steel for export. Over-capacity in the domestic market has already driven China's internal steel prices for the benchmark sheet steel down to $300 a tonne, well below the levels in other markets such as America. Exports would seem to offer a tempting way out of this problem.

China's total exports have already leapt 185% in the first half this year, propelling it from eighth position in the league of exporters to third, behind only Japan and Russia—although the volume of exports has declined since the summer. China's production capacity is growing rapidly. It is investing at a rate of $35 billion a year, and has plans for at least four huge new coastal steel plants. Peter Marcus, a steel-industry veteran and managing partner of World Steel Dynamics in New York, says that by 2010 China will have capacity for steel products some 63m tonnes ahead of forecast domestic demand.