Space Travel News
TECH SPACE
China says plans to cut steel output amid overcapacity
China says plans to cut steel output amid overcapacity
by AFP Staff Writers
Beijing (AFP) Mar 5, 2025

China said Wednesday it will cut the output of its giant steel industry to address overcapacity and halt plunging profits in the sector.

The world's largest steelmaker, which produced more than one billion tonnes in 2024, said in an official report that in 2025 it would "promote restructuring of the steel industry through output reduction".

The report by the National Development and Reform Commission (NDRC), the country's economic planning body, did not provide figures for the planned reduction.

"We will introduce policies and measures for resolving structural problems in key industries and end the phenomenon of 'rat-race' competition through industrial regulation and upgrading," it added.

The sector has been under pressure due to a prolonged slump in China's real estate market, traditionally a major steel consumer, that has hit domestic demand.

In February, a study by the Finland-based Centre for Research on Energy and Clean Air (CREA) released said China needs to slash its steelmaking capacity by 15 percent in 2025 to meet its carbon emissions targets.

Despite plummeting profits at steel mills, production fell just 1.7 percent last year and exports hit 111 million tonnes, a nine-year high, fuelling frictions with China's trade partners.

Several countries have placed tariffs on Chinese steel exports in recent months.

In February, US President Donald Trump said he would impose 25 percent tariffs on all steel imports into the United States, including those from China, from March 12.

Vietnam and South Korea, the largest importers of Chinese steel, also both announced levies that month.

South Korea imposed tariffs up to 38 percent on Chinese steel plate imports after conducting an anti-dumping investigation, while Vietnam said it would implement an anti-dumping levy of up to 27.83 percent from March 7.

India's steel minister said the country could impose tariffs in the next six months because of the "serious challenge" China's cheap imports posed to domestic producers.

Related Links
Space Technology News - Applications and Research

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TECH SPACE
UN says new plastics pollution talks set for August
Paris (AFP) Mar 4, 2025
A new round of negotiations for an international treaty on reducing global plastics pollution will be held in Geneva in August, the United Nations Environment Programme (UNEP) said Monday. A previous round of negotiations - tasked with hammering out a legally binding treaty - ended without agreement in South Korea last year. Plastic pollution is so ubiquitous that microplastics have been found on the highest mountain peaks, in the deepest ocean trenches, and scattered throughout almost every p ... read more

TECH SPACE
TECH SPACE
New evidence suggests gypsum deposits on Mars may hold signs of ancient life

Ancient beaches testify to long-ago ocean on Mars

Laser-powered spectrometer tested on Earth may uncover microbial fossils on Mars

Rover finds evidence of 'vacation-style' beaches on Mars

TECH SPACE
Chang'e 6 Samples Confirm Global Magma Ocean on Early Moon

UAE sends AI-equipped drones to spot Ramadan moon

Private US company blasts off for second Moon landing attempt

NASA Prepares Gateway Lunar Space Station for Artemis Missions

TECH SPACE
NASA's Hubble Telescope May Have Uncovered a Triple System in the Kuiper Belt

NASA's Europa Clipper Leverages Mars for Critical Gravity Assist

Oort cloud resembles a galaxy, new study finds

The PI's Perspective: A New Mission Update for the New Year

TECH SPACE
MSU forges strategic partnership to solve the mystery of how planets are formed

Young Star Clusters Spawn Free-Floating Planetary-Mass Objects

Can we find floating vegetation on ocean planets

Today's forecast Partially cloudy skies on an ultra-hot Neptune

TECH SPACE
SpaceX aims for Thursday Starship test flight after last-minute scrub

European satellite launcher set for first commercial blast off

Narrowing the gap between air and space travel

Rocket Lab Expands Multi-Launch Partnership with iQPS Securing Eight Electron Missions

TECH SPACE
Shenzhou XIX crew successfully tests pipeline inspection robot on space station

Shenzhou 19 Crew Advances Scientific Research and Conducts Training in Space

Moon-Exposed Grass Seeds to Be Cultivated on Earth

China Prepares for Launch of Tianwen 2 Asteroid Mission

TECH SPACE
NASA Selects Scientists to Join Lucy Mission Studying Jupiter's Trojan Asteroids

NASA's Lucy Spacecraft Takes Its 1st Images of Asteroid Donaldjohanson

Asteroid 2024 YR4 No Longer a Significant Impact Threat

Chance huge asteroid will hit Earth down to 0.001 percent

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.