The Ministry of Industry and Information Technology will close more production at outdated production facilities in 2013 and 2014, the Shanghai Securities News reported Saturday.
China had set the task of closing such facilities for the 12th Five-Year Plan period (2011-15), and it plans to complete the closings one year ahead of schedule. This means the country will be stepping up efforts to tackle oversupply and reduce emissions for 19 key industries including steel.
The country plans to close 1,256 coal mines and eliminate outdated production of 64.18 million tons, doubling the amount it had planned for 2012.
Analysts believe that the move will allow bigger companies to strengthen their domination of the market.
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