According to a report issued on August 24 by China's National Development and Reform Commission (NDRC), at a symposium on steel industry restructuring held in Beijing the Development and Reform Commission of the Chinese province of Shandong put forward its guidelines for the restructuring of the steel industry in the province.
The Shandong Province Development and Reform Commission accordingly proposed that steel industry restructuring in Shandong would follow the following four principles: 1) Output volume reduction. The total output volume should be controlled and further output expansion should be prevented; 2) Low carbon development. Emphasis should be placed on energy saving and emissions reduction during restructuring; 3) System innovation. Structural system innovation can clear the way for mergers and restructuring of steelmakers; 4) Openness to the outside world. The development of steel industry should be in line with the national policy of opening up to the outside world.