SHANGHAI, Nov 15 (SMM) – Tangshan of Hebei province eliminated 2.06 million mt of overcapacity in the steelmaking sector as it shuttered two converters of 50 mt and one of 75 mt across three mills on Wednesday November 14.
This brought the city's overall steelmaking capacity cuts this year to over 5 million mt, exceeding targets of 5 million mt for 2018, SMM learned.
Tangshan has also met the target to reduce iron-making overcapacity by 2.81 million mt by the end of this year. Year-to-date capacity cuts in the sector stood at 2.98 million mt as of November 14.
The city also planned to reduce the number of steel companies to 30, from the current 40, by 2020. These are in response to a three-year Blue Skies initiative launched by the local government in October.