Chinese regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel , with a joint steel production capacity of 50 million tonnes per year . Both state - owned companies , they have pledged to reduce production capacity by 50 million tonnes between them . But the evidence so far shows that output is still rising. However , there are fears that China will meet its environmental target of reducing its steel production to only 45 million tonnes of plant capacity by the end of this year .
Chinese regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel , with a joint steel production capacity of 50 million tonnes per year . Both state - owned companies , they have pledged to reduce production capacity by 50 million tonnes between them . However , there are fears that China will meet its environmental target of reducing its steel production to only 45 million tonnes of plant capacity by the end of this year .