Govt to cut capacity in cement, steel sectors

The steel and cement sectors are among the key targets of an overall plan to reduce overcapacity, which has been completed by the National Development and Reform Commission and the Ministry of Industry and Information Technology, the China Securities Journal reported on Tuesday, citing anonymous sources.

The report said that the steel, cement, electrolytic aluminum, flat glass and shipbuilding industries are the five key targets for the crackdown.

Authorities will use technological standards as a way to phase out outdated facilities and capacity, and will make sure that over 80 percent of the existing facilities will be utilized, the sources said.