China to cut 80mln t of steel capacity in 2015-2017
BEIJING, Mar. 30 (Xinhua) -- China will aim to cut 80 million metric tons (tonnes) of steel capacity in the next three years in an effort to tackle the glut plaguing the sector for years, said Luo Tiejun, an official of the Ministry of Industry and Information Technology (MIIT).
The country is expected to issue an action plan before June this year to promote transformation development of the domestic steel industry in 2015-2017.
Luo made the remarks at a forum held by China Metallurgical Industry Planning and Research Institute.
In 2014, China's crude steel output amounted to 823 million tonnes, accounting for about 50 percent of the global. (Edited by Hu Pingchao, firstname.lastname@example.org)