China to improve steel production
China is considering to consolidate its steel sector by closing small mills and improving production standards.
Ministry of Industry and Information Technology said in a new document China plans to eliminate mills producing less than one million tons of crude steel a year, and higher end steel producers will have to produce 300,000 tons a year. The steel mills will also be subjected to tougher environmental and resource consumption standards. Mills will also be asked to control their overcapacity and to close down obsolete facilities.
The ministry would publish a list of enterprises that must comply with the new regulations to provide industry restructuring from government departments and financial institution. Last month China put up 60 percent of total steel capacity to ten of the biggest steel mills by the year 2015.