Shanghai / AFP Two of China’s top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world’s second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, by using mergers and restructuring to cut chronic overproduction and create …

  Bloomberg At a time when a surplus is forcing steel mills to close around the world, India’s debt-laden producers are ramping up to supply more of the metal than ever. Steel Authority of India Ltd., Tata SteelBSE 1.02 % Ltd. and JSW SteelBSE -0.69 % Ltd. — which all posted losses last year — are targeting record output in …

  Seoul / AFP Shares in South Korea’s Hanjin Shipping plunged more than 10 percent on Tuesday on worries its parent will not stump up promised cash to prevent it from going under, while a court told it to return chartered vessels to their owners. The world’s seventh largest shipper is seeking bankruptcy protection at home and in the US …