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But it's no longer the market leader in the technology, which is indispensable for carmakers to meet the European Union's tough new carbon dioxide emissions rules set to take effect in 2020.

But Lang is one of around 780 workers at the Novolipetsk Steel PAO (NLMK) mill, NLMK's US subsidiary which imports around 2 million tons of steel slabs annually from its Russian parent company. The slabs that the mill rolls into sheets for customers including Caterpillar Inc, Deere & Co, Harley Davidson Inc and Home Depot Inc are almost impossible to acquire from US steel producers.

But Tu also pointed out that difficulties have multiplied for sovereign funds to land the right targets with stable income in the long run. Therefore, more of them have targeted projects closely related to the country's economic development path to strengthen their strategic positioning, he said.

But for all its stories, if you ask Chinese people what they knew of Sarajevo, the chances are they would say one word: "Valter."

But China's comparative advantage no longer lies with low-wage mass manufacturing. According to a study by the Boston Consulting Group, manufacturing costs in China rose from about 86 percent of the US level in 2004 to about 96 percent in 2014.