Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters
Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters

Doubt cast on drive to cut steel capacity

Local governments' fears over loss of growth momentum, tax revenues and jobs likely to constrain the clampdown amid dwindling demand

Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters
Beijing has ordered provincial governments to shut more than 40 million tonnes of capacity in the steel industry by next year. Photo: Reuters
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