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China Raised Its Target to Close Outdated Steel Smelting Capacity to 28.7m Tons in 2014

Categories: Industry NewsStars: 3Stars Visit: - Release time: 2014-11-20 15:49:00
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China has raised its target to close outdated steel smelting capacity to 28.7 million tons in 2014, the industry ministry said on Thursday, as it tries to rein in inefficient and polluting industries.

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The figure is above the 27 million ton closure target included in a government report delivered by Premier Li Keqiang in March, although is still only a fraction of overall capacity after crude steel output hit 779 million tons last year.

The government has been trying to force industries such as steel and aluminum to update technology and close obsolete facilities to not only improve air quality, but also tackle supply gluts that have eroded profits and put dozens of plants on the brink of bankruptcy.

China's Ministry of Industry and Information Technology said in an announcement on its website that it would also shut 50.5 million tons of cement capacity this year, higher than the 45 million ton target set in March.

China also pledged to close 420,000 tons of outdated aluminum capacity and 512,000 tons of copper production capacity this year.

Twelve million tons of coking coal production, 2.65 million tons of papermaking capacity and 102,400 tons of rare-earth oxide production are also due to be shut.