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China tells steelmakers to cut output again to stem price fall

Beijing takes lead in capacity reduction through corporate consolidation

China's recovery in steel production was so strong that the country's crude steel output, in the end, rose 5.2% on the year to a record 1.05 billion tons in 2020.   © AP

SHANGHAI -- The Chinese government is pressuring steelmakers to cut output again this year, fearing that a supply glut will push down prices at a time when the economy is still recovering from the COVID-19 pandemic.

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