China's Hebei province completes 2016 steel capacity cuts

China's biggest steelmaking province Hebei had eliminated 14.62 million tonnes of steel capacity by the end of October, achieving this year's target of 14.22 million tonnes ahead of schedule, Xinhua news reported on Monday. Hebei, a northern province near the country's capital, is responsible for nearly a quarter of China's total steel output and has pledged to cut steel capacity by 31.17 million tonnes by 2017 and by 49.13 million tonnes by 2020.
Earlier this year, the province lifted its capacity cutting goals for this year to 14.22 million tonnes from 8.2 million in steelmaking, and to 17.26 million tonnes from 10.39 million in ironmaking. Hebei had eliminated 15.79 million tonnes of ironmaking capacity by October, 91.48 percent of its target for 2016. The local government also said Hebei had completed its capacity cutting for coal output ahead of schedule, by reducing 14 million tonnes by October.