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Ban on foreign control of steelmakers to be lifted

China's government is in discussions to lift its ban on foreign companies taking control of domestic steelmakers, according to Li Xinchuang, deputy secretary-general of the China Iron and Steel Association. The discussion over the ban, which has been in place since 2005, underscores China's urgent need to address crippling overcapacity in the industry via better technology and higher-value products. China's big mills had a combined loss of 2.3 billion yuan ($369 million) in the first quarter, according to CISA, an industry group funded by China's major steelmakers, as the nation's economy expanded at its slowest pace in six quarters.

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