WUHAN, FROM CHINA, PLANS TO SHED UP TO 50,000 JOBS

One of China's largest steelmakers plans to shed up to 50,000 jobs, its chairman said, as the country struggles to reduce overcapacity while growth in the world's second-largest economy slows.

The comments by Ma Guoqiang, the head of the state-owned group Wuhan Iron and Steel, are a stark illustration of the challenges facing Beijing as it seeks to retool the economy while avoiding social unrest -- anathema to the leadership.

Wuhan Iron and Steel is only running at 70 to 75% capacity, Guoqiang said.

Wuhan Iron and Steel grew out of the first large steel plant built in Communist China, which started operations in 1958. According to the World Steel Association, it was the country's fifth-largest steelmaker by output in 2014.