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Much Of China's 2009 Steel Made Without Proper Permits -Report |
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Written by Sara Haimowitz
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Monday, 08 February 2010 |
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(Link not available)
February 8, 2010
BEIJING (Dow Jones)--About half of last year's steel output in China came from operations without proper permits, a China Securities Journal report said Monday quoting a senior Ministry of Industry and Information Technology official.
Vice Minister Miao Wei told the annual meeting of the China Iron and Steel Association Friday only about 300 million metric tons of last year's 568 million tons of steel output had permits.
"Those that were not permitted won't be allowed to undertake mergers and acquisitions, and can be acquired," Miao said.
The central government also plans to develop three to five globally competitive steel corporations averaging 50 million tons in capacity each, according to the report.
Miao said his ministry's draft policy paper on rules for the steel industry's mergers and acquisitions, incorporating industry comment, would be released soon.
At the same time, Miao said, the State Council's standing committee has approved the ministry's policy paper on managing the elimination of obsolete steel industry capacity, which would soon be issued by China's cabinet-equivalent State Council, according to the report.
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Agenda:
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