Value-added of China's iron and steel industry set to grow by 3.5 percent

BEIJING, Aug. 27 (Xinhua) -- The value-added of China's iron and steel industry will achieve year-on-year growth of about 3.5 percent in 2023, said the Ministry of Industry and Information Technology (MIIT).

A plan focusing on the steady development of the iron and steel industry in the country, has been jointly released by the MIIT, the National Development and Reform Commission and five other government organs.

In 2024, China will see the value-added of the iron and steel industry expand about 4 percent, according to the document.

To promote the high-quality development of the sector, efforts should be made to facilitate technological innovation and upgrading, expand demand, build up supply capacity and cultivate leading enterprises, according to the plan.

On the technological front, the document highlights transition towards a high-end, green and intelligent path and pledges support for the development of electric furnace steel.

China will also expand demand for iron and steel products from key areas, make the industrial chain more internationalized and push ahead with corporate mergers and reorganizations, according to the plan.