China to cut 100 Mt-plus of steel capacity

摘要

The Chinese cabinet announced at the weekend that it decided to reduce the country's crude steelproduction potential by 100 Mt/y to 150 Mt/y, as well as downsize the coal industry, to fight capacitygluts.Beijing has been trying to decrease steel-making potential for many years, with limited success. Itclaims to have cut by more than 90 Mt, but industry estimates are that surplus capacity remains atleast 300 Mt/y. New plants are still being built.