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Cuts in capacity lead to soaring profits
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REDUCTION in production capacity has led to soaring profits and healthier coal mining and steel industries in China, the Ministry of Land and Resources said.
Capacity cutting, part of supply-side structural reform, has borne favorable fruits since last year, Jia Wenlong, an economic research official of the ministry, said during the three-day China Mining Expo, which ended yesterday in Tianjin.
In 2016, China slashed 290 million tons of coal capacity and 65 million tons of steel capacity, Jia said.
From January to June this year, 110 million tons of coal production capacity were trimmed, while about 42 million tons of steel capacity was cut in the first five months.
Profits for the mining sector from January to July hit 279.6 billion yuan (US$42 billion), 7.5 times the figure for the same period of last year, Jia said.
“The mining sector is stable and profits have increased remarkably,” he said.
Jia said 1,900 coal mines nationwide were shut down last year. The number of coal mines is around 9,000 now.
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