Call to cut coal, steel capacity
Print Edition
CHINA’S state-owned steel and coal enterprises should reduce 15 percent of their capacity in the next five years, according to the state enterprise regulator yesterday.
A total of 25 state-owned enterprises in the steel and coal sectors were asked to reduce their capacity by 10 percent within two years to set an example for private companies in dealing with overcapacity, said a statement from the State-owned Assets Supervision and Administration Commission yesterday.
The government made slashing excess capacity a top priority in late 2015 at the Central Economic Work Conference and put it at the center of the 13th Five-Year (2016-2020) Plan.
China plans to reduce steel and coal capacity by about 10 percent — as much as 150 million tons of steel and half a billion tons of coal — in the next few years, with funds set aside to help displaced workers.
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