Report: Magang shuts two converters

Chinese steelmaking giant Maanshan Iron & Steel on Monday October 29 shut two 40-mt converters at its long steel production mill. This is estimated to cut iron production capacity by 1.28 million mt.

The permanent closure helped the steelmaker meet its overcapacity cut targets in China's supply-side reform.

In the past three years, the Anhui-based steelmaker has cut iron-making capacity by 2.24 million mt and steel-making capacity by 2.79 million mt.