off-the-wire

UPDATE 1-China to cut steel output for third year - Bloomberg News

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds no comment from government, data on output) March 15 (Reuters) - China will again cut annual crude steel production in 2023, marking the third year in a row that the government has mandated reduced output, Bloomberg News reported on Wednesday.


As part of the plan, the government will also ban new steelmaking capacity, the report added, citing a person familiar with the decision. China's state planner, the National Development and Reform Commission (NDRC), and the Ministry of Industry and Information Technology (MIIT) did not immediately respond to requests for comment.


Beijing has mandated zero growth in steel output since 2021 as it seeks to meet a target for peak carbon dioxide emissions by 2030. China's output, by far the world's largest, fell 1.7% in 2022 to 1.018 billion tonnes.
(Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Toby Chopra and Andrew Heavens)

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