The choice of location was no coincidence: Indonesia has the world’s largest reserves of nickel, a key component of stainless steel. The Indonesian plant, owned and operated by the Chinese stainless-steel firm Tsingshan, opened in 2017. China’s sneaking takeover of the global stainless-steel market will put other sectors at risk, too. The unglamorous metal is vital to everything from cutlery to aircraft, tankers, and surgical instruments. Those who think stainless steel is a fringe sector should think again. It was built by a Chinese market giant that is using the country to undermine Western competition.
And the plant isn’t even an Indonesian venture.
In Indonesia, a vast new stainless-steel plant can produce an impressive 3 million metric tons of the shiny metal each year.
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