China to cut crude steel production amid capacity glut
China will cut crude steel production capacity by 100-150 million tonnes and reduce the size of the coal industry to fight a capacity glut, the government said. The State Council, or cabinet, led by Premier Li Keqiang, made the decisions at a meeting on Friday, according to a statement on the Chinese government’s main web portal. The State Council reiterated an earlier decision to halt in principle the approval of new coal mines and additional capacity, the statement said. It said the government would reduce coal production capacity “to a large extent”. The government will also increase policy support including special awards to companies restructuring to eliminate overcapacity and affected workers in both industries.
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Post time: Aug-17-2018