Significant overcapacity will remain in China’s steel sector even after planned restructuring, industry executives said at the weekend, suggesting no let-up for the beleaguered industry’s plant closures and job losses across the globe.
The acknowledgement by Chinese government officials and the country’s steel association came as the UK foreign minister and a leading US steel executive added their voices to concerns about the recent surge in exports from China.
Luo Tiejun, an official with China’s industry ministry, said at a conference that planned cuts would reduce annual steel capacity to about 1.1bn tonnes by 2020 while domestic consumption was unlikely to exceed 700m tonnes.
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