Beijing warns steelmakers of 'year of attack' on overcapacity

Beijing

CHINA'S steel mills need to prepare for an even tougher assault on overcapacity this year as the government bids to make "fundamental" progress in reforming the sector, an official from the country's top planning body told an industry meeting.

"Although capacity reduction targets were achieved early last year, the overcapacity problem in China's steel sector has not fundamentally been improved," said Xia Nong, supervisor at the industry department of the National Development and Reform Commission (NDRC).