March 6, 2017 / 3:56 AM / 6 months ago

China to continue to cut overcapacity in steel sector in 2018

Chinese national flags are flying near a steel factory in Wu'an, Hebei province, China, February 23, 2017. Picture taken February 23, 2017. Thomas Peter

BEIJING (Reuters) - China will continue to cut excess capacity in the steel sector in 2018, National Development and Reform Commission (NDRC) Vice Chairman Ning Jizhe said at a news conference on Monday.

China will cut steel capacity by 50 million tonnes and coal output by more than 150 million tonnes this year, according to a state planner work report at the opening of the annual meeting of parliament.

Reporting by Kevin Yao and Beijing Monitoring Desk; Editing by Randy Fabi

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