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Beijing Holds Meeting With Steel Execs To Discuss Overcapacity

Beijing Holds Meeting With Steel Execs To Discuss Overcapacity

Top Chinese government officials and steel executives met in Beijing on Monday to discuss the challenges in cutting overcapacity in the steel sector, according to a statement posted on the website of China's state planner on Tuesday.

The government will continue to implement measures to cut overcapacity, including tackling zombie firms andprohibiting low-grade steel production, it said.

Government agencies present at the meeting included the National Development and Reform Commission (NDRC), the State-owned Assets Supervision and Administration Commission (SASAC) and the banking and securities regulators.


Beijing Holds Meeting With Steel Execs To Discuss Overcapacity

The German steel federation expects Chinese overcapacity for steel production, which puts pressure on global prices, to persist in the coming years, its president said on Thursday.

China's overcapacity was 360 million tonnes last year and is likely to remain well above 300 million tonnes in 2020, Hans Juergen Kerkhoff told the Handelsblatt steel conference.

Actual crude steel production in China last year was 808 million tonnes, accounting for half of global production, according to Worldsteel.
Expectations of a pickup in construction activity and steel supply tightening in China, the world's largest producer, have helped steel prices rally this year.


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