Chinese steel firms were in deep trouble at the beginning of this year due to overcapacity in the sector.
The central government then initiated a series of measures to reduce the problem and an official with the National Development and Reform Commission says the effort has helped.
“In the first half of this year, the steel sector showed positive signs. In March, the steel sector began to make profits. From April onwards, profits offset losses,” said Xia Nong, inspector, Industrial Coordiantion Dep’t, NDRC.
“The measures China took to reduce overcapacity have set a good example for the global steel industry.”