(AP) - WHAT HAPPENED: China's biggest steelmaker, Baosteel Group, has shut down a mill in Shanghai to avoid mounting losses at the facility amid weak demand for steel plate that is used in shipbuilding and construction.
WHAT IT MEANS: The mill's closing the latest sign of weakening growth in the world's second-largest economy. Growth fell to a three-year low in the latest quarter and officials including President Hu Jintao have warned it could fall further before rebounding.
INDUSTRY IMPACT: The move reflects the painful squeeze that has hit producers of steel, aluminum, cement and other industrial goods as Chinese demand recedes.
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