China meets targeted steel capacity cuts for year – industry ministry

China has met its target for cutting steel capacity this year, the industry ministry said in a statement on Friday.

The Ministry of Industry and Information Technology (MIIT) said, however, the country needs to continue pushing ahead with capacity reductions in other sectors, including aluminium and cement.

The world’s biggest steel producing country aimed to close 50 million tonnes this year and to reduce annual crude steel capacity by 100 million to 150 million tonnes within three to five years.

Source: Reuters & Hellenic Shipping News