China Aims to Revive Steelmaking Without Ordering Cuts to Supply

China is taking a measured approach to fixing its steel industry, improving the outlook for high-end companies but steering clear of ordering the cuts needed to decisively shrink supply.

The readout of China’s upcoming five-year plan was heavy on pledges to boost consumption and innovation in the economy. The government’s anti-involution campaign — targeting the overcapacity and ruinous competition that’s been a feature of the steel sector among others — drew perhaps less emphasis than expected.