This Day, That Year

Item from July 23, 1997, in China Daily: Iron and steel production showed a developing momentum with output of major products enjoying big increases in the first half of the year, said the Ministry of Metallurgical Industry ... China produced 52.5 million tons of steel and 46.86 million tons of rolled steel during the January-June period, an increase of 6.7 percent and 9.7 percent respectively over the same period last year.

China's crude steel production capacity reached 1.16 billion metric tons last year, with the amount of crude steel produced hitting 820 million tons, accounting for 49.4 percent of the total steel produced in the world, according to the China Iron and Steel Association.

While steel output grew in China, actual consumption was 740 million tons, indicating severe overcapacity, analysts said.