China’s crude steel output in 2020 was 1.053 billion mt, up 5.2 percent year-on-year, according to data from the National Bureau of Statistics (NBS). In this context, Huang Libin, spokesman for China’s Ministry of Industry and Information Technology (MIIT), announced that China will aim to reduce steel production, focusing on four areas in particular.
What measures China intends to take
First, China will ban new steel production coming into the country. Second, policies and measures will be perfected to avoid inconsistencies in capacity replacement. Third, China will stimulate mergers and acquisitions in the steel industry. Last but not least, capacity utilization will be reduced while controlling carbon emissions.
China’s crude steel production to rise 1.4% in 2021
A state-owned consulting firm has forecast that China’s crude steel output is likely to increase by 1.4 percent in 2021, while Xiao Yaqing, minister in MIIT, said China will take strict measures to reduce steel output. The last year-on-year decline in China’s crude steel production was recorded in 2015.
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