China will eliminate 140 million tonnes/year of steelmaking capacity before 2020, according to Chi Jingdong, the vice chairman of China Iron and Steel Association. 70% of this, or around 98m t/y, should be eliminated by the end of 2018, Kallanish notes.

Chi was speaking at a press conference following an exchange meeting between representatives from the Chinese and Japanese industries held in Japan. Since local governments have already signed a letter committing to the goals, the targets will be achieved, he added.

In January, China’s State Council announced that over 2016 to 2020 China should cut 100-150m t/y steel capacity, the first time a concrete number for the target had been announced.