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Probe on steel firms to cut capacity
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CHINA is investigating steel firms in a bid to slash excess capacity in the industry and seeks to spur unqualified for rectification within six months.
The special investigations require local government supervision as well as steel companies’ self-examination to reduce energy consumption, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly said in a notice yesterday.
The notice requires provincial governments to complete their on-spot checks on energy consumption by the end of June and hand in their reports before July 10.
Factories consuming energy over the official rules should rectify their consumption in six months and are allowed to ask for extension for as long as three months.
Those unable to meet the requirements should be closed.
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