Primarily too much Chinese steel. Overbuilt industrial capacity to flood markets and run other competitors out of business is what has occurred.

For example, the EU has enacted tariffs and other protectionist measures similar to the United States except without all the complaining on the internet.

> The European Union imposes trade penalties intended to stop China from dumping its cheap steel on its markets. But Chinese steel keeps coming, prompting countries that were not traditionally steel exporters, like South Korea and Japan, to join the hunt for buyers elsewhere.