trending Market Intelligence /marketintelligence/en/news-insights/trending/s6c4PJAqIeGXqhng9iDQEQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Baosteel to slash 9.2 million tonnes of capacity in 2 years

Industry Top Trends 2021: Metals and Mining

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020


Baosteel to slash 9.2 million tonnes of capacity in 2 years

Baosteel GroupCorp. will cut 9.2 million tonnes of crude steel capacity over the nexttwo years in support of China's efforts to reduce capacity gluts in the steel andcoal sector, Reuters wrote July 12.

The company will shut down facilities in its flagship plant inShanghai and other branches outside of the city. Its planned cut is equivalent toabout 25% of its 36.11 million steel production in 2015, the report said.

Baosteel's cutback came following a statement by the State-OwnedAssets Supervision and Administration Commission saying that China's government-runsteel and coal firms will cut capacity by about 10% in the next two years, and by15% by 2020.

The national government has earmarked about US$4.1 billion infunds to pay for closures in the sector as the country pledged to cut up to 150million tonnes of steel capacity and 500 million tonnes of coal output within thenext three to five years.