China's iron and steel industry needs to step up efforts on innovation and other practices to reduce cost and increase efficiency, to cope with challenges and realize high-quality growth, according to industry experts.
They made the remarks at a recent forum on iron and steel technology and the development of the industry in Linyi, Shandong province, which was held by several organizations including the Chinese Society for Metals, and the China Metallurgical Industry Planning and Research Institute.
"The automotive sector recorded gross profits of RMB 476.3 billion ($68.5 billion) in the first eleven months, up 0.3 percent year on year, 0.5 percentage points slower compared to that recorded in the first ten months.",
The Tangshan steel region in China’s Hebei province has been put into lockdown again, according to press reports.
Tangshan produces more than 130 million tonnes of crude steel a year, which is almost 13% of China’s total production. This is likely to put further pressure on current availability.
