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.
An official for China's Ministry of Industry and Information Technology told reporters late January that the country's crude steel output will be lower this year than the last. The official also stressed that steelmakers can build new blast furnaces as long as the overall capacity remains lower than before, a sign that the government is serious about slashing production across the board.
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