China To Close Down 7.8 Million Tonnes Of Steel Making Capacity

          Struggling Ministry of Industry and Information Technology (MIIT) is forced to close down outdated steel capacity. Slowness in demand and huge inventories of steel has been dragging steel industry down for long time. China is planning to close down 7.81 million metric tonnes of steel making capacity in 2013.
         Total crude steel capacity in China is estimated to have increased by 900 million tonnes. Crude steel output increased by 3 percent to 717 million tonnes in 2012. Ministry is also planning to shut down 14.05 million tonnes of coking coal capacity and 1.73 million tonnes of ferroalloy capacity in 2013.
         This is not the only shutdown planned by the Ministry. It also plans to shut down 273000 tonnes of Aluminium, 665000 tonnes of Copper and 879000 tonnes of lead smelting capacity in 2013. The overcapacity burden in China is so much that it has brought down the demand of the metals. China industrial production also took a backseat recently. [via]

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