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China's major steel city allocates funds to slash production

2017-01-26 09:10

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China's major steel making city of Tangshan will continue to channel funding this year to help reduce excess steel and iron production, authorities said.

A total of 100 million yuan (about 15 million U.S. dollars) has been earmarked this year to support the steel and iron industries in further cutting overcapacity, according to Tangshan government in the northern province of Hebei.

The funds will be used to support those workers made redundant to find new jobs, as well as assisting firms with restructuring and upgrading.

It will be also used to reward steel and iron enterprises that meet this year's capacity-cut targets. In early January, Tangshan committed to cutting steel capacity by 8.61 million tonnes and iron capacity by 9.33 million tonnes.

Since excess capacity has weighed on China's overall economic performance, cutting overcapacity is high on the reform agenda.

The city has phased out a total of 18.67 million tonnes of iron capacity and 31.86 million tonnes of steel capacity in the past four years.

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