Tangshan, China’s top steel making city, has told industrial plants that they need to stop production for 2 weeks starting on Saturday. This is the 3rd time since July that the plants have been ordered to stop production due to Beijing battling with pollution and overcapacity.
The restriction will affect power plants, steel mills, cement producers and coking producers who have failed to meet environmental standards.
Following complaints and increased anti-dumping duties, leaders attending the G20 summit have promised to work together to challenge excess steel capacity.
China has vowed to reduce its steel capacity by 45 million tonnes this year. Steel capacity cuts in the first 7 months of this year have amounted to 47% of the annual target, meaning that China will have to accelerate its pace over the remainder of the year.
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