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Target set for steel oversupply cut by 2020
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CHINA aims to enhance the competitiveness of its steel industry under a plan which will see up to 150 million tons of crude steel capacity cut and carbon emissions trimmed by 2020 while ensuring efficiency, the Ministry of Industry and Information Technology said yesterday.
China’s steel companies are struggling with net losses amid an oversupply and a dim outlook in demand growth, while the need for environmental protection is adding to the challenges, the ministry said.
Shrinking annual crude steel production by 100-150 million tons, China aims to limit its capacity to under 1 billion tons a year, down from 1.13 billion tons now.
Meanwhile domestic steel companies need to cut energy consumption by 10 percent and slash pollution by at least 15 percent during the coming five years.
China’s main domestic steel firms lost 64.5 billion yuan (US$9.4 billion) last year, saddled with debts above 70 percent of their assets.
If no corrections are taken, the companies would face further losses as demand continues to shrink. By 2020, the annual consumption of steel is estimated at 650-700 million tons, while the ideal annual production capacity should be at 750-800 million tons, the ministry said.
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