China to cut 80 million tonnes of steel capacity

BEIJING: China will aim to cut as much as 80 million tonnes of excess steel capacity in the next three years to tackle a massive supply glut that has plunged much of the sector into crisis, a government official said.

Speaking at an industry forum, Luo Tiejun of the raw materials department of the Ministry of Industry and Information Technology said China would publish a new 2015-2017 action plan to restructure its bloated steel sector before June this year.