some reality, page-31

history doesn't repeat itself but it does rhyme

taken from wikipedia but for those of you who have studied Chinese history you will know what I am talking about in regard to the deep set psyche of the Communist party when comes to steel and why the world is now seeing a glut of steel coming out of China. Note the reference to "wildly optimistic production targets"

With no personal knowledge of metallurgy, Mao encouraged the establishment of small backyard steel furnaces in every commune and in each urban neighborhood. Mao was shown an example of a backyard furnace in Hefei, Anhui in September 1958 by provincial first secretary Zeng Xisheng[citation needed]. The unit was claimed to be manufacturing high quality steel (though in fact the finished steel had probably been manufactured elsewhere).[citation needed]
Huge efforts on the part of peasants and other workers were made to produce steel out of scrap metal. To fuel the furnaces the local environment was denuded of trees and wood taken from the doors and furniture of peasants' houses. Pots, pans, and other metal artifacts were requisitioned to supply the "scrap" for the furnaces so that the wildly optimistic production targets could be met. Many of the male agricultural workers were diverted from the harvest to help the iron production as were the workers at many factories, schools and even hospitals. Although the output consisted of low quality lumps of pig iron which was of negligible economic worth, Mao had a deep distrust of intellectuals and faith in the power of the mass mobilization of the peasants.
Moreover, the experience of the intellectual classes following the Hundred Flowers Campaign silenced those aware of the folly of such a plan. According to his private doctor, Li Zhisui, Mao and his entourage visited traditional steel works in Manchuria in January 1959 where he found out that high quality steel could only be produced in large-scale factories using reliable fuel such as coal. However, he decided not to order a halt to the backyard steel furnaces so as not to dampen the revolutionary enthusiasm of the masses. The program was only quietly abandoned much later in that year.