SHANGHAI, Dec 13 (SMM)－China has accomplished its goal to cut 50 million mt of steelmaking capacity this year by the end of August, while another 140 million mt of low-quality steel capacity was also shut by October, according to state-owned newspaper People's Daily.
The low-quality steel, or so-called "ditiao steel", is produced in intermediate-frequency furnaces with steel scrap and rolled steel products.
In the coal industry, the country has also hit its annual target of eliminating 150 million mt of capacity by October.
In addition, China is likely to cut another 500 million mt of coal capacity and consolidate an additional 500 million mt of capacity by the end of 2018. This would be earlier than the government's original timeline when it proposed in 2016 that such capacity cut would be accomplished in 3-5 years, according to People's Daily.
The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.