China sets target to cut steel overcapacity by 2020

%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20will%20achieve%20major%20progress%20in%20the%20steel%20sector%27s%20structural%20overhaul%20by%202020%20and%20%22fundamentally%20bail%20out%22%20the%20industry%2C%20the%20Ministry%20of%20Industry%20and%20Information%20Technology%20said%20on%20Monday.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20plans%20to%20reduce%20crude%20steel%20output%20by%20100%20million%20tonnes%20to%20150%20million%20tonnes%20by%202020%20and%20ease%20the%20uneven%20supply-demand%20situation%20in%20the%20sector%2C%20according%20to%20the%20ministry%27s%202016-2020%20plan%20on%20upgrading%20the%20steel%20sector.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20whole%20sector%20will%20be%20modernized%20and%20its%20energy%20consumption%20and%20pollutant%20emissions%20will%20be%20within%20the%20nation%20standard%20by%202020%2C%20said%20the%20plan.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20ministry%20stressed%20the%20central%20government%27s%20resolution%20to%20continue%20to%20shed%20unnecessary%20production%20capacity%20in%20the%20steel%20sector%2C%20and%20underscored%20that%20it%20will%20not%20allow%20the%20addition%20of%20new%20steel%20capacity%20and%20said%20any%20investment%20that%20would%20increase%20steel%20capacity%20should%20stop.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIntelligent%20and%20green%20manufacturing%20in%20the%20steel%20sector%20will%20be%20encouraged%2C%20as%20well%20as%20mergers%20and%20acquisitions%2C%20according%20to%20the%20plan.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20over-supplied%20steel%20sector%20experienced%20years%20of%20plunging%20prices%20and%20factory%20shutdowns%20due%20to%20the%20sluggish%20economy.%20However%2C%20with%20encouragement%20from%20the%20upward%20trend%20of%20prices%20from%20the%20beginning%20of%20this%20year%2C%20many%20steel%20mills%20are%20resuming%20production.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20central%20government%20reiterated%20that%20cutting%20overcapacity%20is%20high%20on%20its%20reform%20agenda%20as%20excess%20capacity%20in%20sectors%20such%20as%20steel%20and%20coal%20has%20weighed%20on%20the%20country%27s%20overall%20economic%20performance.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20has%20shut%20down%20steel%20plants%20with%20total%20capacity%20of%20over%2090%20million%20tonnes%20over%20the%20past%20five%20years.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20National%20Development%20and%20Reform%20Commission%20said%20Friday%20that%20the%20steel%20industry%20had%20completed%20its%20annual%20target%20of%20reducing%20production%20capacity%20by%2045%20million%20tonnes%20by%20the%20end%20of%20October.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28CCTV.com%29%3CBR%3E%3C/FONT%3E%3C/P%3E