China’s Hebei Province is strengthening efforts to promote industrial upgrading and transformation in the steel sector with the aim to cut capacity by more than 10 million tonnes by year end. As per report in local media, Hebei plans to clear out all “zombie firms” in the steel industry in 2018 and will continue to reduce another 10 million tonnes of steel production capacity in 2019
By 2020, the province will have cut around 20 million tonnes of steel, and steel capacity of the whole province by then will have been limited to 200 million tonnes, according to the report.
Hebei is the largest steel-producing province in China, accounting for about half of the nation’s output. Many problems have gradually emerged over time due to intensified operations, the report said, noting that the local government has rolled out many measures to boost steel industrial adjustments and reform.
Source : GLOBAL TIMES
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