According to Xinhua, officials at the China Iron and Steel Association said the sector will continue to work making supply-side structural reform and will eliminate obsolete steelmaking technology.  

The renewed promised comes as China’s steel output appears poised to have set an all-time record in 2019. According to the Nikkei Asian Review, the country produced about 904 million metric tons of crude steel in the first 11 months of 2019, up 7% from the same time in 2018.

Alarmed by the rising production, three governmental bodies overseeing the steel industry told the sector that it cannot ignore excess capacity and that they would be monitoring capital investments over the next three years.