China is entering the fourth year of its supply-side reform push to streamline its bloated heavy industry and to pursue “high-quality development” from “fast-speed development.” China will focus on optimising its steel capacity this year, as it continues to streamline the industry towards "high quality development" over "fast-speed development", according to the chairman of the country's Iron and Steel Association. Having curbed almost 300 million metric tonnes (mt) of low-quality products since 2016, Yu Yong said that the country would now focus on adjusting the structure and functionality of its steel mills, as well as encouraging mergers and acquisitions. The move comes after a series of high-profile acquisitions in recent years, including China's biggest steelmaker, Shandong Huayou Group Co., which bought U.S. firm Nucor Corp. for $US1.15 billion ($A@@
China will focus on optimising its steel capacity this year, as it continues to streamline the industry towards "high quality development" over "fast-speed development", according to the chairman of the country's Iron and Steel Association. Having curbed almost 300 million metric tonnes (mt) of low-quality products since 2016, Yu Yong said that the country would now focus on adjusting the structure and functionality of its steel mills, as well as encouraging mergers and acquisitions. The move comes after a series of high-profile acquisitions in recent years, including China's biggest steelmaker, Shandong Huayou Group Co., which bought U.S. firm Nucor Corp. for $US1.15 billion ($A@@