Leaving China - steel mills

That is one way to deal with the pollution - ship it somewhere else. From Bloomberg:

Say Goodbye to 'Made in China'
These are not the best of times to be one of China's massive, state-owned steel mills. The domestic economy is slowing, competition is increasing, and there's widespread disgust and impatience with the smog pouring out of their stacks. In short, their lucrative business model for the past three decades is slowly dying. So what’s a manager of a Chinese steel mill to do?

One surprisingly popular option is to bid China goodbye. In November, Hebei Iron & Steel Co Ltd, a provincial-owned company and China’s largest steelmaker by production, announced that it was moving 5 million tons of its annual production -- roughly 11 percent of the 45 million tons of steel it makes every year -- to South Africa. According to press reports, it won’t be going abroad alone. By 2023, Hebei Province -- China’s most polluted province -- plans to export 20 million tons of steel, 30 million tons of cement and 10 million weight boxes of glass capacity (a weight box equals roughly 50 kilograms) to points still not named.

Why?

The officials in Hebei Province who oversee the company may have felt they had no choice. First, they undoubtedly faced political pressure to reduce their environmental impact in China: reducing production of steel, cement and glass -- all highly polluting industries, especially in developing countries -- will have a direct impact on Xi Jinping’s pollution goals. (Starting in Hebei will have the added benefit of cleaning up polluted, neighboring Beijing.)

Second, Hebei may simply be at a loss as to how to scale back businesses that they recognize have become massively bloated. Officials in China’s construction-related industries clearly have too much capacity and too little demand. Back in September, I attended a speech in Beijing where a Vice-President of the China Iron & Steel Association announced that Chinese steel production capacity had grown by 200 million tons since the end of 2012, to reach 1.1 billion tons total. Much of that capacity isn’t used -- China is projected to manufacture around 750 million tons of steel this year.

The effect on domestic Chinese steel prices has been devastating. Consider the price in Shanghai for steel reinforcing bar (rebar), a key component to building everything from subways to residential high-rises: it's fallen twenty-nine percent this year. That drop was largely precipitated by China’s economic slowdown (and the slowest growth rate since 1990).

Ahhhh - the joys of central planning instead of market forces. The idiots overbuilt instead of building to support the market. Capitalism is the only business model that works (and I do not mean Crony Capitalism which is an entirely different beast).