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China’s largest steel producing province wants to shift its excess capacity abroad to ease the pressure from the closure of steel mills as Beijing clamps down on excess production.
The province wants to relocate 20 million tonnes of steel, 30 million tonnes of cement and 10 million tonnes of pleated glass production abroad by 2023.
Hebei will bear the brunt of Beijing’s plan to cut back on excess production. The province will have to cut 60 million tonnes-worth of steel production out of the planned 80 million tonne target within five years.
The move is likely to impact 400,000 workers as well as cost 37 billion yuan in tax revenue.
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- [Editor:sunzhichao]
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