China's Hebei to Relocate 16.20 Mln tonnes of Steel Capacities

BEIJING (SMM): Three major steel groups in Hebei Province, China will shift 16.20 million tonnes of steel capacities to the coast in the coming two years, local media reported. 

Jinan Steel Group, Hebei Taihang Iron & Steel Co. and Tangshan Bohai Iron & Steel Co. have agreed with local governments and banks on the relocation.  

The three major steel enterprises, located in Tangshan and Handan, two major steel production bases in Hebei, are teamed up with private steel mills in those regions.  

Hebei aims to reduce the number of steel producers by 60% after restructuring efforts, and to build around 15 large steel groups, with capacities to account for over 90% of province’s total.  

Courtesy: www.metal.com