The country produced an estimate of 1.03 billion metric tons of steel last year, down 35 million tons from 2020, said the China Iron and Steel Association on Monday.

In addition to coal, gold, platinum and diamond as its most prominent reserves, the country is also home to other minerals, such as chrome, vanadium and titanium.

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EU companies will also be able to export aluminum tariff-free.

"Steel is a key foundation industry and it is absolutely essential that it receives practical support from the government," he said.