CHINA TO CURB HEAVILY POLLUTING STEEL OUTPUT

CHINA’S VAST STEEL SECTOR IS THE SCENE OF A CONFLICT BETWEEN ECONOMIC GROWTH AND A GREEN AGENDA THAT POINTS TO WIDER CHALLENGES AS PRESIDENT XI JINPING TRIES TO CLEAN UP THE WORLD’S TOP CARBON EMITTER.

THE GOVERNMENT IS PUSHING FOR STEEL OUTPUT TO DROP FROM A RECORD OF MORE THAN 1 BILLION TONS, IN A CAMPAIGN TRIGGERED BY XI’S PLEDGE TO DELIVER A CARBON NEUTRAL ECONOMY BY 2060.

BUT EARLY MOVES TO SQUEEZE STEELMAKERS HAVE FIRED UP PRICES AND CREATED A HEADACHE FOR POLICYMAKERS FRETTING ABOUT SURGING INFLATION.