What contribution has Chinese Steel made to the development of global steel integration?
May. 24, 2018
In promoting the development of global steel integration, China Steel has made three important contributions:
First, China Steel has strongly supported the rapid development of China's economy and has made outstanding contributions to the development of the world's steel industry. In 2017, the Chinese economy contributed about one-third of the global economic growth. Among these, China's iron and steel industry has played a role that cannot be ignored. A considerable portion of global steel consumption has benefited from the Chinese economy, especially the steel industry. According to the prediction of global steel demand by the World Steel Association, China’s steel consumption increase accounted for 79.8% of the increase in global steel consumption, and China’s contribution to the world’s steel consumption growth is outstanding.
Second, the Chinese steel industry has played an exemplary role in globalizing the excess steel production capacity. Overcapacity is the objective law of industrial development. In the face of the global overcapacity problem, China Steel, in accordance with the principles of “market forces, corporate entities, local organizations, and central government support”, has comprehensively applied economic, administrative, and legal methods to vigorously promote capacity reduction.
Third, the Chinese steel industry has played an active leading role in green development. China is vigorously advancing the fight against pollution and the steel industry has implemented more stringent environmental standards, many of which have surpassed many countries and regions in the world. At the same time, the state has introduced a series of environmental laws and regulations, and the green development of steel companies has achieved remarkable results. In 2017, the total energy consumption per ton steel of the member companies of the China Iron and Steel Association fell 2.16% year-on-year. At present, the world’s cleanest steel plant in China, the most advanced steel environment treatment technology has also been widely used in China, China's steel industry is becoming a leader in improving global environmental quality and promoting green manufacturing.