According to a statement by the Raw Materials Industry Division of China’s Ministry of Industry and Information Technology (MIIT), China aims to reach its steel capacity elimination target of 150 million mt for the 2016-20 period in 2018, ahead of the scheduled date of 2020.
The MIIT said that adding new steel capacities is strictly prohibited and inspections on capacity replacement have increased.
In 2017, China eliminated more than 50 million mt of steel production capacity, exceeding the target for the given year.