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China to rein in steel industry expansion
(chinadaily.com.cn)
Updated: 2009-08-13 13:11

The Ministry of Industry and Information Technology will not approve any large steel maker's application on production capacity expansion or new projects within three years, due to the industry's overcapacity, Li Yizhong, head of the Ministry told reporters today.

The ministry will continue efforts in industry consolidation and washing out backward productivity, he added.

China's steel industry production capacity totaled 660 million tons, far above the need of 470 million tons, Li said.