China announces reductions in steel, coal capacity
The plans were included in a work report presented over the weekend.
In a positive development for the US steel industry, China announced reductions in steel and coal capacity over the weekend. Vice president of China operations at the US-China business council welcomed the news, but was quick to point out that China’s aluminum, cement and glass manufacturing industries all suffered from overcapacity, yet are “conspicuously absent” from the plan, reported International Trade Daily. Parker has also questioned previous reports of China meeting targets for reduction of steel capacity, saying that it is unclear whether production lines have just been put on hold to allow production to be brought back online should prices rise.