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English > Industry&Companies > Industry-Breaking News>China Plans Iron, Steel Plant Closures to Curb Overcapacity

China Plans Iron, Steel Plant Closures to Curb Overcapacity

05-14 12:50 Caijing

Full article in Chinese: http://www.caijing.com.cn/2009-05-13/110165359.html
» The government is putting together a list of iron and steel plants that will be closed to curb overcapacity in the industry, according to an official at the National Development and Reform Commission.
» The official told Caijing on May 13 that the government will also impose penalties on local authorities who fail to enforce the closures.
» A fund drawn from central and local governments will provide incentives and compensate companies for reduced capacity.
» In June, the government will also impose further restrictions on financing for outdated mills.
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