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China unveils green road to bail out ailing steel sector-The 18th China(Guangzhou ) Int’l Casting product Exhibition
11/16/2016 casting expo |
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China’s Ministry of Industry and Information Technology said on Monday that China will achieve major progress in the steel sector''s structural overhaul by 2020 and fundamentally bail out the industry. According to the ministry''s 2016-20 plan on upgrading the industry, China plans to reduce crude steel output by 100 million tonnes to 150 million tonnes by 2020 and ease the uneven supply-demand situation in the sector.
The plan said “The whole sector will be modernized and its energy consumption and emissions will be within the national standards by 2020.”
The ministry stressed the central government''s resolve to continue to shed unnecessary production capacity in the steel sector, and underscored that it will not allow the addition of new steel capacity. It said any investment that would increase steel capacity should stop.
Intelligent and green manufacturing in the steel sector will be encouraged, as well as mergers and acquisitions, according to the plan.
The central government reiterated that cutting overcapacity is high on its reform agenda as excess capacity in sectors such as steel and coal has weighed on the country''s overall economic performance.
National Development and Reform Commission had told last week that China has come in ahead of schedule in its target of cutting 45 million tonnes of steel capacity in 2016, reaching the goal before the end of October.
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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