China's steel industry will focus on high-quality development

According to a senior official from the China Metals Association, China's steel industry should focus on quality and efficiency rather than expanding through massive and price competition.

Gao Xianming, the 2019 rotation president of the association, gave a speech at the general meeting of the association on Saturday.

The association's and industry's major challenges in 2020 include consolidating the results of supply-side structural reforms and strictly banning new capacity, promoting differentiated production restrictions and permits to protect the environment, accelerating adoption of ultra-low emission systems, and moving forward mergers and acquisitions. According to him, the acquisition, innovation and safety of raw materials in the industry.

Between 2016 and 2018, China's steel industry removed over 150 million metric tons of crude steel and banned the production of substandard steel, resulting in an increase in the overall productivity of the industry.

“The achievements of China's overcapacity reduction campaign have not only benefited Chinese steel companies, but also helped revive the global steel industry,” he said.

Chinese steel companies are increasingly penetrating the international market through the Belt and Road Initiative, he said, and a number of overseas steelmaking facilities are emerging.

Shen Bin, who has been elected as the association's rotation president for 2020, said the association will intensify its efforts to promote the sustainable development of the industry by banning overcapacity and improving trade and raw material pricing.

It will also promote the quality of the industry through practical measures and help elevate the industry to a higher level in the global value chain, he said.

He Wenbo, chairman of the Association Party, said at the forum meeting during the meeting that the focus of China's metallurgical industry should be quickly transformed into modernization and high-quality development, from reducing overcapacity, which requires a higher level of environmental protection and intellectuals, better product quality and portfolio, innovation in development strategies, and building a mutually beneficial and coordinated industry chain and ecosystem for upstream and downstream flows.