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No more investment in Chinese stainless steel industry

By , 2008-03-08 12:00:00

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It is unwise to invest more in the stainless steel industry, said Wu Jianchang, deputy chairman of the China Iron and Steel Association, the Beijing Business Today reported.
China's total stainless steel production capacity has surpassed current demand, a situation which will extend into the future, said Wu yesterday at the 5th China International Stainless Steel Congress in Shanghai.
As a result, he suggested the country boost efforts to stimulate stainless steel consumption and especially domestic consumption, but not to enlarge output at all.
Statistics showed that China topped the world in terms of stainless steel output and apparent consumption last year. The four steel giants, Taiyuan Iron and Steel, BaoSteel, Zhang Pu Stainless Steel, and Lianzhong Stainless Steel, contributed 60 percent of the total 10 million tons stainless steel output capacity.
In order to stoke domestic demand, Wu suggested improvements to people's daily civil stainless steel consumption and upgrades in the manufacturing industry, in areas such as electricity generation, electric power, petrochemicals, automobiles and shipbuilding.

Meanwhile, the whole stainless steel industry urgently needs to eliminate outdated production capacity in facilities, particularly those with high consumption of raw materials, heavy pollution and low product quality.
 

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