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China to Close Down 50 Small Steelworks
China announced Thursday the list of 50 small steelworks that will be closed down.
An official with the State Administration of Metallurgical Industry (SAMI) said China plans to shut down 225 small steelworks in the next few years, and has set this year's target at 103.
A total of 3.58 million tons of out-dated steel production capacity will be eliminated by the end of the year, he said.
China has more than 1,000 unqualified steel plants, with an annual production exceeding 5 million tons. These mills are generally heavy polluters and high energy consumers, and their products are of a low quality.
To avoid construction accidents, SAMI and the State Bureau of Quality and Technical Supervision joined hands recently to curb fake and substandard steel products nationwide. Industry, commerce and public security departments will also lend a hand.
China's energy and finance sectors will stop supplies of fuel, power, and loans to steelworks to be closed down. Licenses of some steelworks will also be revoked by the authorities.
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