At present, China is the only country in the world that has announced the goal of steel production capacity reduction and put it into practice. 

In 2016 and 2017, the total excess steel production capacity exceeded 120 million tons. In particular, in the first half of 2017, China completely banned “Grid Steel” that plagued the healthy development of the steel industry in accordance with laws and regulations, and effectively solved the problem of excess domestic steel production capacity. 

The capacity utilization rate basically recovered to a reasonable level and quality production capacity was better. freed. 

In 2017, the operating situation of the member companies of the China Iron and Steel Association also saw a significant improvement. 

The industry’s average sales profit rate returned to 4.7%. Based on the previous two years of capacity reduction work, this year China will further reduce its steel production capacity by about 30 million tons. 

At that time, it will achieve the target of capping steel production capacity two years ahead of schedule, and make new progress for the steady development of China's steel industry and the global steel industry contributions.