For starters, the Chinese source most of their iron and steel from outside their own country - much of it is the exact same steel we buy.
Agreed, South Korea and Japan are producing and exporting beaucoup quantities of high quality alloy steels. The United States cranks out a lot of carbon and stainless steels but if a U. S. manufacturer is buying a chrome-moly steel, it's not unusual for it to be shipped from the Pacific Rim.