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China's Planned Capacity Cuts Aren't Enough, says Veteran Steelmaker
03/10/2016 - China’s plan to shutter 100 million to 150 million metric tons of steelmaking capacity won’t be enough to restore balance to the sector, Zhang Wuzong, chairman of privately owned Shandong Shiheng Special Steel Group told, the Reuters news service.
"China's steel production is actually 800 million tonnes, and it should be at the 1.1 billion or 1.2 billion level, so getting rid of 100 million or 150 million isn't any good -- 300 million or 400 million is more appropriate," he told Reuters, speaking on the sidelines of parliamentary meetings in Beijing.
Wuzong is a delegate at the National People's Congress, the country's top legislature, which is meeting this week in Beijing.
Reuters has more from the interview here.
Wuzong is a delegate at the National People's Congress, the country's top legislature, which is meeting this week in Beijing.
Reuters has more from the interview here.
