For domestic steel producers, the short-term improvement in market conditions and profit margins does not guarantee long-term profitability. Against the backdrop that the domestic steel industry may have entered a deep adjustment and restructuring phase, steel companies should delve into the need for transformation and development. They must consider how to enhance their competitiveness within the existing "red ocean" market and how to discover new "blue oceans" amidst ever-changing demand. The recent "Three-Quality Implementation Plan" for the raw materials industry jointly formulated by multiple ministries has already outlined the direction for the deep adjustment of the domestic steel industry, providing avenues for product upgrading and quality improvement. One such avenue is in the variety of products: although 19 out of the 22 categories of steel products currently have self-sufficiency rates exceeding 98.8%, self-sufficiency is just a step towards high-quality development in China's steel industry. During the 14th Five-Year Plan period, domestic steel companies must continuously improve the quality of product supply and adapt to the evolving downstream demands, innovatively developing new steel materials, and honing the resilience of Chinese steel enterprises during this period of deep adjustment and restructuring.