The Economist has an article discussing capacity cuts of commodities in China.
China needs lots of material to build all its homes, trains and tunnels. Even so, it produces more than it can use. It accounts for roughly half of global production of steel, coal, aluminium, glass and cement. By one oft-cited gauge, China’s unused steel capacity equals the total annual output of the next four biggest producers (Japan, India, America and Russia) combined. As the excesses piled up in China over the years, they weighed on global prices, depressing profits for all. However, unlike their international rivals, Chinese firms could carry on expanding, confident of state support.
(my emphasis). And until recently US (and other public) producers have been expected to compete with this state funded, supported overcapacity and dumping. Hard to believe it has continued for so long. Health insurance companies don’t even have to compete across state lines!