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China's state-owned firms to cut more steel, coal capacity- report
January 12, 2017 / 11:07 AM / a year ago

China's state-owned firms to cut more steel, coal capacity- report

BEIJING, Jan 12 (Reuters) - China wants its major state-owned enterprises to eliminate almost 6 million tonnes of steel production and 24.7 million tonnes of coal capacity this year, official media reported on Thursday, citing a government plan.

China, the world’s top producer of both coal and steel, has embarked on a major drive to cut inefficient surplus capacity.

It cut 45 million tonnes of steel capacity in 2016 and was aiming to reduce 250 million tonnes of coal capacity.

The State-owned Assets Supervision and Administration Commission, which supervises government-owned firms, also wants to shutter 300 so-called ‘zombie’ enterprises this year, the Securities Times said.

The goals were outlined at a meeting of central government-owned enterprises, it said.

Reporting by Dominique Patton. Editing by Jane Merriman

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