Bid to nix outdated base metals capacity
By Richard Fu |
July 12, 2011, Tuesday
|
Print Edition
Print Edition
CHINA has ordered local governments to eliminate about 2 million tons of outdated base metals capacity by the year-end as part of efforts to boost efficiency and curb pollution.
A total of 425,000 tons of annual copper capacity, 619,000 tons of aluminum capacity, 661,000 tons of lead capacity and 338,000 tons of zinc capacity will be removed, according to a list released yesterday by the Ministry of Industry and Information Technology, which also contained names of specific facilities and companies to be affected.
The latest target is 13 percent higher than an earlier one set in May, when the ministry said a total of 1.81 million tons of copper, aluminum, lead and zinc capacity would be phased out this year.
The companies affected include state-owned giants such as Aluminum Corp of China, the ministry said.
A Shanghai Metals Market analyst said the move won't have a significant impact on overproduction growth for the base metals since new capacity is coming on stream.
China has been intensifying crackdown on energy-intensive and pollution-prone industries by phasing out outdated capacity. Such industries typically are also hit by overcapacity.
In total, the closure targets affect 2,255 firms in 18 industries, which also include steel, cement and paper.
A total of 425,000 tons of annual copper capacity, 619,000 tons of aluminum capacity, 661,000 tons of lead capacity and 338,000 tons of zinc capacity will be removed, according to a list released yesterday by the Ministry of Industry and Information Technology, which also contained names of specific facilities and companies to be affected.
The latest target is 13 percent higher than an earlier one set in May, when the ministry said a total of 1.81 million tons of copper, aluminum, lead and zinc capacity would be phased out this year.
The companies affected include state-owned giants such as Aluminum Corp of China, the ministry said.
A Shanghai Metals Market analyst said the move won't have a significant impact on overproduction growth for the base metals since new capacity is coming on stream.
China has been intensifying crackdown on energy-intensive and pollution-prone industries by phasing out outdated capacity. Such industries typically are also hit by overcapacity.
In total, the closure targets affect 2,255 firms in 18 industries, which also include steel, cement and paper.
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