China's Iron and Steel Association said on Sunday the industry faces ongoin...
FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province, China May 31, 2018. China Daily via REUTERS/File Photo
The country’s sprawling steel sector, which has cut 150 million tonnes of steel production over the past three years, was “far from achieving it tasks” amid Beijing’s supply-side reforms, the association said in an online statement. The industry should work to avoid any illicit increase in new capacity, reduce leverage and push forward with the restructuring of “zombie firms”, the association said.
It forecast weaker demand for iron and steel due to structural changes in the world’s second-largest economy, and said the industry would not be able to sustain high production growth, which saw crude steel output jump 9.9 percent in the first quarter.
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