A downsize of China's massive steel industry cannot come fast enough for Australia, but it will take years before local steel producers see relief.
China's downsizing of its steel industry is one of the biggest industry restructures the world has ever seen.
For much of the globe, including Australia, it brings relief as cheap Chinese steel floods markets and forces the closure of steel plants worldwide.
But it is going to take some years before local steel producers see any relief and the downsize will mean Australia's iron ore exporters will take another hit.
One of the first areas of China to be downsized is the Tangshan district, with a third of its output to be cut by next year.
More steel is produced in Tangshan than the entire United States, and the villages across the district have already seen transformation with economic activity coming to a halt.
Source: abc.net