China to Cut Steel Output For Third Year to Hit Green Goals
- Crackdown on property market saps demand for the alloy
- Steel mills raised production in first two months of year
China is the world’s biggest producer and consumer of steel.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China will again cut annual crude steel production in 2023, according to a person familiar with the decision, marking the third year in a row that the government has mandated reduced output in order to rein in carbon emissions from the heavily polluting sector.
China is the world’s biggest producer and consumer of the alloy, which is the backbone of its industrial economy. Since output hit a record of 1.053 billion tons in 2020, it has declined each year to remain just above 1 billion tons. The sector accounts for about 15% of national emissions, second only to electricity generation.