Jiangsu Province to cut crude steel capacity by 6.5 million mt in 2017

China’s Jiangsu Province has announced that it plans to eliminate 6.5 million mt of crude steel production capacity in 2017. Meanwhile, the Jiangsu government said it will increase financial support for mergers and acquisitions of competitive enterprises in the steel and coal industries, which will accelerate the transformation, upgrading and restructuring of these industries, helping to reduce excess and outdated capacity.