SOEs hit reduction goal

Short-term target to reduce steel production by 27 million metric tons within three years

State-owned enterprises directly under the supervision of the State-owned Assets Supervision and Administration Commission have reached the goal of trimming their overcapacity this year, well before the end of 2016, according to a top official of the commission.

There are 103 SOEs directly under the supervision of the SASAC. They include three all-steel companies: Baosteel Group, Wuhan Iron & Steel Group and Ansteel Group, as well as two steel-related companies - China Minerals Corp and Xinxing Cathay International Group.