China aims to cut steel capacity by 45 million tonnes in 2016: state planner

China aims to cut steel capacity by 45 million tonnes in 2016: state planner

The capacity cuts will involve relocating 700,000 workers in the coal sector, and 180,000 workers in the steel industry, Xu Shaoshi, chairman of the National Development and Reform Commission, said at the World Economic Forum in the northern city of Tianjin. Xu said he was very confident that China will achieve the 2016 targets.