China completes task of eliminating excess iron and steel capacity ahead of schedule
2019-01-17 17:20:58 [Print]
Yu Yong, the President of China Iron and Steel Association, reported announced on 14 January that China has in advance completed the task of eliminating excess iron and steel capacity of 100-150 million tons set for five years. By now, the market environment has been significantly improved, the contradiction of excess capacity has been effectively alleviated, high-quality capacity has been brought into play, and the benefits of enterprises have improved significantly.
From the international financial crisis in 2018, the efficiency of China's steel industry had been declining continuously, falling to the lowest in 2015, and the whole industry suffered serious losses. In this regard, China proposes to actively and orderly dissolve the excess capacity of iron and steel, "Starting in 2016, it would take five years to reduce the capacity of crude steel by 100 million to 150 million tons". By the end of 2017, steel production capacity cut had exceeded 115 million tons.
From the international financial crisis in 2018, the efficiency of China's steel industry had been declining continuously, falling to the lowest in 2015, and the whole industry suffered serious losses. In this regard, China proposes to actively and orderly dissolve the excess capacity of iron and steel, "Starting in 2016, it would take five years to reduce the capacity of crude steel by 100 million to 150 million tons". By the end of 2017, steel production capacity cut had exceeded 115 million tons.
