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Baosteel to slash 9.2 million tonnes of capacity in 2 years

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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.