The steel trade crisis which started in 2011 hasn't been effectively resolved yet. ANBOUND research team considers that the incident of steel trade crisis is not isolated and should be looked upon against the background of China’s structural adjustment and industrial upgrading. Steel trade crisis in fact is a reflection of the entire steel industry crisis and also a classical crisis that is bound to happen after China’s manufacturing industry has reached world-class production capacity in various areas. The industrial excess crisis since 2004 has involved over 19 industries and an industrial upgrading will not be achieved without a substantial debt restructuring.