A reduction in China’s crude steel production could lead to up to 400,000 people working in that sector losing their jobs, a Chinese government official said recently.
Li Xinchuang, head of the China Metallurgical Industry Planning and Research Institute, spoke of the potential job losses after China’s State Council announced on 25 January that it would cut the country’s steel production capacity by 100-150 million tonnes over “an undesignated length of time”.
The State Council also said that the authorities will increase their efforts to restrict and monitor the opening of new capacity and, “in principle, not authorise any new capacity projects”. The authorities will use subsidies to “incentivise local governments to enact the capacity cuts”.
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