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BaoSteel executive hints at steel production cut in China-The 17th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
10/21/2015 Stainless Steel Industry expo |
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Nwitimes reported that at the World Steel Association conference in Chicago last week, a Chinese steel executive acknowledged overcapacity in Chinese mills. Mr Dongying Wu, president of economics and management research for Boasteel Group Corp, foresees a wave of consolidations in China''s steel industry to take more capacity offline.
He said "The supply is much bigger than the demand. Economic committees have slowed down the industries that consume steel, as well as the steel plants themselves. They face an issue of overcapacity, and we must adjust our structure."
He said “China is cutting back on production and was likely to take capacity offline because of mergers and acquisitions, which would result in less dumping. The government is carrying out reforms of state-owned enterprises. You will see a lot of mergers and acquisitions. But it will take a long time to reduce overcapacity. Korea and Japan took 20 years to get rid of overcapacity. It will take 10 years at least."
State supported Chinese steelmakers are disrupting the global market by dumping steel they can''t sell at home in countries across the world, which often then unload their own unsold steel for less overseaes. Exports from China are on pace to hit 110 million tonnes this year
不锈钢展-2016第十七届广州国际不锈钢工业展-效果最好的不锈钢展会-stainless-steel-The 17th China(Guangzhou)Int''l Stainless
Steel Industry Exhibition
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