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M&A’s to fuel upgrade of Chinese steel sector - CMIPRI---2019 China(Guangzhou)Int’l Metal & Metallurgy Exhibit
ion-metal exhibition
3/7/2019 金屬展-冶金展-鋼鐵展-steel expo-metal &metallurgy expo- |
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China Daily quoted industry experts as saying that mergers and acquisitions will provide the impetus for sustainable transformation and upgrade of the iron and steel industry in China and leverage on gains from the overcapacity reduction campaigns in the sector that are coming to an end. Mr Li Xinchuang, president of the China Metallurgical Industry Planning & Research Institute said that "The overcapacity reduction campaign also focuses on green development through means such as replacing outdated capacity with clean, effective and advanced capacity, and this has led to the establishment of the world''s most strict environmental protection standards. Having passed the stage of massive expansion to meet growing demand, the industry is relatively stable in both production and consumption, which opens a window for capable companies to expand, with deal momentum surging in the next few years."
According to the National Development and Reform Commission, the nation''s top economic regulator, China has fulfilled the upper overcapacity reduction goals for the 13th Five-Year Plan (2016-20) in the iron and steel sector in advance, and efforts will be continued for further high-quality development. Policymakers set a target of eliminating 100 to 150 million tonnes of excess capacity in the iron and steel capacity by 2020 in 2016, after the country''s iron and steel sector saw a downtrend.
According to the State Information Center, an institution directly affiliated to the NDRC, at the end of the 12th Five-Year Plan (2011-15), the country''s iron and steel capacity amounted to 1.13 billion tonnes, which severely saturated the market, while the ratio of 10 largest enterprises'' capacity against the overall capacity dropped from 49% in 2010 to 34% in 2015.
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