China's 'zombie' steel firms are coming back from the dead

REUTERS/Stringer The gray smoke pouring once again into the sky above a rusty steel plant in a town in northern China is seen as a blessing by people who live nearby. One of the plant’s six blast furnaces was put back into operation earlier this month, breathing new life into Dongzhen in Shanxi province. The plant, formally known as Haixin Iron and Steel, was closed two years ago as demand for the metal plunged in China. Steel companies with little hope of turning a profit are among the enterp...