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China Will Vastly Reduce Steel Output,  Iron and Steel Winter Will Come

To promote the transformation, China will release of "action plan of transformation and development of iron and steel industry" before June. According to the plan, the number of iron and steel enterprise will reduce from the current 500 to about 300. To 2017 ago, the total energy consumption to achieve zero growth, pollutant emissions down.

For a long time, China has been trying to solve the iron and steel industry overcapacity problem of annual output of 300 million tons.  Local government addicted to economic growth encourage local enterprises to rapidly expand production capacity. Officials said that the steel industry is facing a terrible crisis, which didn’t only due to the slowdown in economic growth and efforts of national pollution control, but also related with long-term trends of iron and steel use. Iron ore prices drop half in the past year. Nevertheless, steel enterprise are still at a loss in January and February of this year. Since last year, pressure of economic slowdown is increasing.

Industry sources said the plight of China’s steel industry facing is just beginning, steel consumption strength of ten thousand yuan GDP dropped from 174 kilograms in 2007 to 100 kg last year. The next few years, as China’s economic restructuring, steel production across the peak, this data will be further reduced to 70 kg. Real winter season of steel industry will come after 2018, overcapacity problem will also enter the most serious period.

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