BEIJING 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 . Reporting by Muyu Xu and Dominique Patton; Editing by Christian Schmollinger Having curbed another 20 million (mt) of low-quality products since 2019 , 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. Meanwhile, a report by YoY predicted domestic consumption would fall another 20 million mt YoY in this year .
BEIJING 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 another 20 million (mt) of low-quality products since 2019 , 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. Meanwhile, a report by YoY predicted domestic consumption would fall another 20 million mt YoY in this year .