China's steel capacity sliced by almost 17M tonnes in ’09

Jan 28, 2010 | 12:08 PM |

China shut down 16.9 million tonnes of outdated steel capacity last year, nearly three times its 6-million-tonne target, according to the country's Ministry of Industry and Information Technology.

China also shut down 21.1 million tonnes of outdated ironmaking capacity last year, double the targeted 10 million tonnes.

The world's largest steelmaker continues to grow, however, adding an estimated 58 million tonnes of annual steel capacity in 2009, according to the China Iron and Steel Association (Cisa). Capacity is expected to continue to outstrip demand this year, with Cisa forecasting that 32 million tonnes of new steel capacity will come online in 2010.....

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