China predicts better times for steelworks

摘要

CHINA'S Ministry of Metallurgical Industry last week predicted a better first quarter in 1996 for the country's steelmakers, citing the loosening of credit controls and the startup of projects under the 9th (1996-2000) Five-Year Plan. After many years of rapid growth, the steel industry's development was slowed in mid-1993, when Beijing introduced strict austerity measures in an effort to curb inflation. As a result, last year saw steel production in China stagnate and steelmakers' profits slump. Crude steel output was just 1.57 percent higher than the 1994 total at 92.967m tonnes, though output of pig iron, which became a popular export item in 1995, grew 5.49 percent to 101.7m tonnes. Rolled steel output stayed level at 80m tonnes.