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Shougang has exported its electrical steel to more than 24 countries and regions.

“We would also surcharge steel mills that do not appear to be practicing dumping,” one source said.

Members of the European Parliament (MEPs) have adopted Net-Zero Industry Act, which plans to allocate funds towards the production of net-zero technologies.

Korea's leading steel companies are going through a difficult period in the first quarter of this year. Leading names in the industry such as POSCO, Hyundai Steel and Dongkuk Steel experienced significant decreases in their performance.

Indian steelmaker Tata Steel Limited will proceed with its £1.25 billion investment to build an electric arc furnace at Port Talbot in Wales, UK, replacing two blast furnaces,

"The key to new quality productive forces lies in the profound transformation and upgrade of industries," Dai stressed.

Most of the capital goods monitored by China's statistical authorities registered higher prices in mid-April compared with early April, official data showed Wednesday.

According to Worldsteel Association data, European Union crude steel production decreased by 4.3% in March compared to the same month of the previous year, reaching 11.6 million tons.