China Ministry: To Cut More Output Capacity In 6 Metals, Mining Industries-Shanghai Metals Market

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China Ministry: To Cut More Output Capacity In 6 Metals, Mining Industries

Industry News 05:16:09PM May 27, 2010 Source:SMM

BEIJING, May 27, 2010 (Dow Jones Commodities News Select via Comtex) -- China's Ministry of Industry and Information Technology aims to shut more output in six industries, including steel and aluminum--more than previously targeted, the ministry said Thursday.

The ministry wants to shut 30 million metric tons of obsolete capacity in iron, 8.25 million tons in steel, 339,000 tons in aluminum, 1.44 million tons in ferroalloys, 117,000 tons in copper, 113,000 tons in zinc and 243,000 tons in lead, it said in a statement.

The new targets are an upward revision of goals previously set by the State Council, which aimed to cut 25 million tons of iron-making capacity this year, along with 6 million tons in steel and 330,000 tons in aluminum.

The targets revisit a government campaign to consolidate China's sprawling metals and mining sector, under which Beijing has already ordered a three-year-moratorium on new capacity. 
 
 

China Ministry: To Cut More Output Capacity In 6 Metals, Mining Industries

Industry News 05:16:09PM May 27, 2010 Source:SMM

BEIJING, May 27, 2010 (Dow Jones Commodities News Select via Comtex) -- China's Ministry of Industry and Information Technology aims to shut more output in six industries, including steel and aluminum--more than previously targeted, the ministry said Thursday.

The ministry wants to shut 30 million metric tons of obsolete capacity in iron, 8.25 million tons in steel, 339,000 tons in aluminum, 1.44 million tons in ferroalloys, 117,000 tons in copper, 113,000 tons in zinc and 243,000 tons in lead, it said in a statement.

The new targets are an upward revision of goals previously set by the State Council, which aimed to cut 25 million tons of iron-making capacity this year, along with 6 million tons in steel and 330,000 tons in aluminum.

The targets revisit a government campaign to consolidate China's sprawling metals and mining sector, under which Beijing has already ordered a three-year-moratorium on new capacity.