Merger and restructuring guidelines for China’s steel industry to be made public

Monday, 08 February 2010 11:55:52 (GMT+2)

As lately disclosed by Miao Wei, deputy minister of China's Ministry of Industry and Information Technology, the ‘Guidelines for Promoting Mergers and Reorganization in the Steel Industry' drafted by the MIIT have been formulated and are set to be made public. The guidelines in question will further specify the responsibilities of the government in the process of promoting mergers and reoganization in China's domestic steel industry.

In 2009, China's crude steel production totaled 568 million mt, over 100 million mt higher compared with the figure of 460 million mt targeted in the government's plan for the restructuring and invigoration of the domestic steel industry. According to Mr. Miao, only 300 million mt of the crude steel output total for 2009 came from officially-approved mills.

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