The Chinese province of Hebei will aim to shut 60 per cent of its steel mills by 2020, the governor of China's top steelmaking province said on Tuesday (March 8), as part of the country's efforts to cut overcapacity, which has driven prices to their lowest in decades.
The province will also keep steel production capacity to within 200 million tonnes by 2020, Governor Zhang Qingwei told reporters at a meeting at China's annual parliament in Beijing.
"Given current overcapacity, we shall not allow any new projects in sectors suffering from overcapacity," said Hebei province party secretary Zhao Kezhi. "Given current environmental pollution, we shall not allow any new high-energy-consuming, highly polluting projects."
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