On December 18, Luo Tiejun, deputy minister at China's Ministry of Industry and Information Technology (MIIT), said that China's 12th five-year plan period (2011-2015) will be a vital period for the Chinese steel industry, which will see structural adjustment of the industry on geographical basis and technological upgrades.
Mr. Luo stated that the general principles for the development of the industry in the 12th five-year plan period would be elimination of outdated capacities, mergers and acquisitions between steel enterprises and technological upgrades.
Meanwhile, he pointed out that, in the Guangdong market, steel demand would reach 50 million mt per year by 2015, of which 10 million would be met by local production in the Guangdong area. He said that the acceleration of the restructuring of the Chinese steel industry would boost the competitiveness of the industry.