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Steel industry urged to continue cutting output
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A senior figure in the Chinese steel industry has called for further cuts in steel capacity, saying the sector remains saturated, despite increased profits and production of steel mills in the first quarter.
“The whole industry needs to press ahead with cutting capacity and deleveraging,” said Gu Jianguo, executive vice chairman of the China Iron and Steel Association. He warned against steel price volatility and falling exports in an article published yesterday on the CISA website.
Gu’s remarks came after an unexpectedly strong performance in the steel sector this year.
Thanks to recovery in the broader economy, CISA’s members posted a combined profit of 23.3 billion yuan (US$3.4 billion) in the first quarter, in contrast to a loss of 8.75 billion yuan a year ago.
China’s total crude steel output in the same period rose 4.6 percent year on year.
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