The provincial governor of Hebei province said that by 2020 the government will shut down operations at 240 of the 400 steel mills that currently operate in the northern province that encircles Beijing. Hebei currently produces about a quarter of all the steel made in China.
The country’s slower economic growth rate has reduced demand for steel and caused prices to fall. At the end of February, we noted that global steel production had fallen by 7.1% year over year in January and that capacity utilization was just 66%. China, which produces about half the world’s supply of steel, saw output fall by 7.8% in January.
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