Beijing Targets Excess Steel Output in New Crackdown

China will “strictly” curb new steel production capacity, state broadcaster CCTV reported Monday, as the country moves to tackle overcapacity that has depressed prices and triggered protectionist responses abroad. The Ministry of Industry and Information Technology, along with other departments, aims to stabilize growth in the sector through 2025 and 2026. “The plan involves implementing precise regulation of production capacity and output… and strictly curbing the addition of new production capacity,” CCTV said. Steelmakers will be required to accelerate the phase-out of outdated equipment, particularly old blast furnaces and converters. Reuters previously reported in August that China was preparing to cut steel output over the next two years, citing internal documents and a source familiar with the matter.