China, the world's largest steel producer and consumer, has already begun restructuring inefficient and overcapacity in the sector, which have driven an increase in cheap exports and a drop in steel prices.
Chinese steel giants Baosteel Group and Wuhan Steel Group have completed their targeted capacity cuts. Anshan Steel Group, the number four manufacturer in China, is also on track to meet its power cut goal. The implementation of the program for centrally controlled firms is part of a broader target of 45 million tonnes reduction for the country's steel industry in 2016.
China has pledged to cut 100-150 million tons of crude steel and 500 million tons of coal production in the next three to five years.
Baosteel and Wuhan Steel complete 2016 capacity cuts
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Azovpromstal® 25 October 2016 г. 12:03 |
