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GPEA%20Media%20Briefing_Research%20Report%20on%20Overcapacity%20Reduction%20in%20China%E2%80%99s%20Steel%20Industry

GPEA%20Media%20Briefing_Research%20Report%20on%20Overcapacity%20Reduction%20in%20China%E2%80%99s%20Steel%20Industry

China’s operating steel capacity increased in 2016, despite efforts on overcapacity Media briefing on Custeel “Research Report on Overcapacity Reduction in China’s Steel Industry” Research by Greenpeace East Asia and steel consultancy Custeel reveals that despite China’s high-profile efforts to tackle overcapacity, China’s operating steel capacity increased in 2016. The vast majority of the steel production capacity targeted was already sitting idle, enabling restarts of previously idle factories and new capacity coming online to more than offset the closures of operating capacity. To make the report possible, Custeel mapped changes in operating capacity in 2016 in unprecedented detail, based on documents from provincial governments as well as industry surveys carried out by the consultants. A total of 10 Chinese provinces increased their operating capacity, led by Shanxi and Hebei. The Beijing region (Beijing-Tianjin-Hebei) saw a significant net increase, with both of Beijing’s neighbors increasing their capacity. Only six provinces achieved a fall in operating capacity, with the largest decreases taking place in the Southwest and in Shandong. Background The research was commissioned by Greenpeace East Asia from Custeel 1 , a Chinese metallurgical industry consultancy providing industry-leading data gathering and analysis. The company operates Custeel.com, the steel industry information platform led by China Iron and Steel Association and funded by 15 of China’s largest steel enterprises and 2 large trading companies. China's steel demand growth has been slowing since 2011, with 2014 registering the highest demand and a further contraction forecast for 2017. Slowing demand and continued capacity additions have created a gigantic overcapacity problem, creating financial risks at home and contributing to oversupply on the international market. Key findings Steel production capacity elimination in 2016 exceeded targets, with a total of 85 million tonnes (Mt) of capacity closed. However, three different factors undermined the effectiveness of the efforts: ● most of the eliminated capacity was already closed down or idle, meaning that only 23 million tonnes of actually operating capacity was closed. ● 49 Mt of steel capacity that had previously suspended production restarted, as the capacity closures curtailed supply and government stimulus increased demand. The restarted capacity is equal to Germany’s total steelmaking capacity. 1 Beijing Custeel E-Commerce Co., Ltd

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