RIGHT BG
The Ministry of Industry and Information Technology (MIIT) is reviewing a second batch of domestic steel firms.
The move aims to phase out mills that cannot meet certain standards.
The reviewing process for the second batch is scheduled to be completed by November, and a third round will kick off in 2014, Miao Zhimin, deputy director of the Raw Materials Department of the MIIT was quoted as saying by Reuters on Monday.
"The MIIT will support development of qualified enterprises, promote mergers and acquisitions across regions and different types of ownership, launch technological refurbishment and optimize industrial structure and regional layout," Miao said.
However, steel firms failing to meet standards will be forced to exit the industry by economic and administrative measures, such as tighter restrictions on energy efficiency and environmental protection requirements.
In the second half of 2012, the MIIT revised the standards for steelmakers, specifying basic requirements for companies to engage in steel production.
Overcapacity sends China's steel sector into loss
2013-08-01Steel industry eyes plans to resolve oversupply
2013-08-01Steel stockpiles near 2012 levels as output slows
2013-07-31Govt to cut capacity in cement, steel sectors
2013-07-31Expansion puts steel mills' financial condition at risk
2013-07-31Steel supply glut continues to dampen prices
2013-07-29Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
