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China to cut 236 million T of steel capacity by 2025 - association

China to cut 236 million T of steel capacity by 2025 - association

FILE PHOTO: Steel pipes waiting to be loaded and transferred to the port are seen at a steel mill in Cangzhou, Hebei province, China March 19, 2018. REUTERS/Muyu Xu

REUTERS: China plans to cut 236 million tonnes of steel capacity during its 14th five-year planning period from 2021 to 2025, the China Iron and Steel Association said in a statement, citing its chairman He Wenbo.

The world's top steel producer also aims to update 221 million tonnes of steel capacity by 2025 in a green push for the mammoth ferrous sector, according to He.

The steel sector contributes around 15per cent of total greenhouse gas emissions in China, which has pledged to bring its carbon emissions to a peak before 2030.

"To fully realize ultra-low emissions, the (ferrous) sector needs to invest about 260 billion yuan (US$40.8 billion)," said He Wenbo.

China has cut 86 million tonnes of steel capacity in the past five years and upgraded 80 million tonnes, He said, adding that about 620 million tonnes of crude steel capacity were conducting or had finished ultra-low emission upgrades by end-February.

(US$1 = 6.3754 Chinese yuan renminbi)

(Reporting by Min Zhang and Tom Daly; Editing by Jan Harvey)

Source: Reuters

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