Luo Bingsheng, vice chairman of the China Iron and Steel Association (CISA), has stated that China's 12th five-year (2011-2015) plan for the Chinese steel industry is in the process of being drafted and will be issued at the end of 2010.
CISA chairman Luo stated that steel industry restructuring required China to acquire advanced technology and also to explore new fields such as energy saving and environment protection.
At the Fifth Plenum of the 17th Central Committee of the Communist Party of China, which has just concluded, focus in the 12th five-year plan as regards the domestic steel sector has been on restructuring of the industry.
In this regard, Chinese Premier Wen Jiabao lately commented, "The biggest problem facing the Chinese industry is output capacity, and the biggest task of the Chinese steel industry is industrial restructuring, which includes industrial concentration and modernization."