Shanghai-based major Chinese steelmaker Baosteel has announced that it has decided to eliminate 3.57 million mt of pig iron capacity in 2016-2018 in strict accordance with China’s supply-side reforms, while it reiterated that it will eliminate no less than 9.2 million mt of crude steel output in the same period - as SteelOrbis had previously reported on July 13.
In particular, Baosteel plans to cut 3.95 million mt of crude steel capacity in 2016, 1.22 million mt of pig iron capacity and 2.10 million mt of crude steel capacity in 2017, while it plans to eliminate 2.35 million mt of pig iron capacity and 3.15 million mt of crude steel capacity in 2018.