Hefei Province-based Chinese steelmaker MaSteel (Hefei) Iron & Steel Co. Ltd.( MaSteel (Hefei) Steel) has announced that it plans to shut down its steel smelting unit and long product production line as of late December for upgrading in accordance with China’s Ministry of Industry and Information Technology’s (MIIT) request of eliminating outdated and excess capacity.
In the January-November period this year, MaSteel (Hefei) Steel produced 1.11 million mt of pig iron, 1.19 million mt of crude steel and 1.22 million mt of finished steel. In addition, in the January-September period this year MaSteel (Hefei) Steel registered an operating revenue of RMB 2.137 billion ($0.33 billion), with a net loss of RMB 175 million ($27.05 million).