Ban on for­eign con­trol of steel­mak­ers to be lifted

China Daily (Canada) - - BUSINESS -

China’s govern­ment is in dis­cus­sions to lift its ban on for­eign com­pa­nies tak­ing con­trol of do­mes­tic steel­mak­ers, ac­cord­ing to Li Xinchuang, deputy sec­re­tary-gen­eral of the China Iron and Steel As­so­ci­a­tion. The dis­cus­sion over the ban, which has been in place since 2005, un­der­scores China’s ur­gent need to ad­dress crip­pling over­ca­pac­ity in the in­dus­try via bet­ter tech­nol­ogy and higher-value prod­ucts. China’s big mills had a com­bined loss of 2.3 bil­lion yuan ($369 mil­lion) in the first quar­ter, ac­cord­ing to CISA, an in­dus­try group funded by China’s ma­jor steel­mak­ers, as the na­tion’s econ­omy ex­panded at its slow­est pace in six quar­ters.

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