China to cut steel capacity to 1.13b tonnes

Beijing

CHINA'S plans to shut steel mills over the next five years would cut total capacity to an estimated 1.13 billion tonnes by 2020, still far in excess of the country's needs, a government official said on Saturday.

In February China announced plans to shut 100 million to 150 million tonnes of crude steel capacity in the next five years, as it tackles a price-sapping glut that has caused turmoil in the industry.