The municipal government of the Chinese city Tianjin has stated that 2017 will be a crucial year for pushing forward supply-side reforms and domestic capacity reductions, adding that it plans to eliminate 1.80 million mt of steel capacity in the current year and focus on relocation work in the steel industry in the city.
The Tianjin government also stated that it will take steps to reduce corporate debt, to support the marketization of enterprises, promote legal debt-for-equity swaps and increase the intensity of equity financing to help improve the profitability of enterprises in the city.