MIIT: China to produce up to 700 million mt of crude steel in 2011

On August 2, China's Ministry of Industry and Information Technology (MIIT) predicted that the crude steel output of China in 2011 will reach 690-700 million mt, rising by 60-70 million mt compared to 2010.
 
However, the MIIT also predicted that, considering the slowdown of industrial development, electricity power rationing measures, outdated capacity elimination programs, and the tightness of funds which will negatively affect steel demand in China, China's crude steel production in the second half of 2011 is expected to be lower than in the first half.
 
The MITT added that domestic steel producers' profit margins are still at low levels.