China does not want to be major global supplier of iron ore, steel - official |
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Tue, 30 Oct 2007 03:11
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DALIAN, China (XFN-ASIA) - China does not want to become a major global supplier of steel and iron ore, and aims to cut production capacity in both sectors this year, an official with the state economic planning agency said.Speaking at an industry forum in Dalian, Xiong Bilin, the National Development and Reform Commission's deputy director for industry, said steel production capacity will be cut by 36 mln tons this year, while iron ore production will be slashed by 58 mln tons.Earlier, Luo Bingsheng, executive vice chairman of the China Iron and Steel Association, said China's steel production is expected to hit 480 mln tons this year, while iron ore production is seen at 800 mln tons.andrew.pasek@xfn.com-xfnwd/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Greater China economic and business calendar -- to Nov 5 