USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Industries

China unveils detailed plan to cut overcapacity in steel, coal

Xinhua | Updated: 2017-05-13 10:13

China unveils detailed plan to cut overcapacity in steel, coal

A worker at a steel company in Lianyungang, Jiangsu province, in Jan 2015.[Photo/China Daily]

BEIJING - China will phase out about 50 million tons of crude steel capacity and over 150 million tons of coal capacity this year, the country's top economic planner announced Friday.

By the end of June, all facilities producing inferior-quality steel bars will be dismantled and supply of steel will be increased to avoid wild fluctuations of steel price, according to the implementation plan for cutting excess capacity in steel and coal sectors released by the National Development and Reform Commission and other departments.

As of Wednesday, 31.7 million tons of steel and iron capacity and 69 million tons of coal capacity have been cut, accounting for 63.4 percent and 46 percent of the annual goals.

The government will take more steps to help laid-off workers find work and encourage industrial mergers and reorganization, according to the plan.

The overcapacity cuts will target debt-laden "zombie enterprises" and adopt more methods based on market rules.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US