China aims to meet 2020 target for steel capacity cuts this year

SHANGHAI: China aims to meet its 2020 target for reducing steel production capacity this year, two years earlier than planned, the industry ministry said in a statement on Wednesday.

The original plan called for reducing 150 million tonnes of steel production capacity by 2020.

However, the world's top producer will face more pressure in tackling overcapacity as strong prices reduced steelmakers' willingness to cut capacity, the Ministry of Industry and Information Technology said.