China's Steelmakers Rise After Premier Li Vows Capacity Cuts
- Coal industry to see `large-scale' output reductions
- Resolving overcapacity part of nation's supply-side reform
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China’s biggest steelmakers rose after Premier Li Keqiang pledged deeper cuts to capacity, backed by support for workers who lose their jobs amid a restructuring of the world’s biggest steel industry.
Hebei Iron & Steel Co. Ltd., the top steelmaker, outpaced the benchmark index to rise as much as 4.3 percent to 3.38 yuan in Shanghai, while Baoshan Iron & Steel Ltd., the second-biggest, rose 5.3 percent. China aims to shut between 100 million and 150 million metric tons of capacity as it tackles oversupply in heavy industry, according to a statement Sunday on the government’s website, citing a State Council meeting on Jan. 22. No time frame was mentioned.