At the 16th High-Quality Development Conference of the Steel Industry in Beijing, Jiang Wei, Vice President and Secretary General of the China Iron and Steel Association (CISA), emphasized the pressing issue of imbalance between supply and demand affecting the steel sector's development. He highlighted that in 2024, the Chinese steel industry faces a profound adjustment, driven by significant changes in the long products segment, particularly due to the weak performance of China's real estate industry.
Jiang urged that it is crucial to halt new capacity additions and prioritize the exit of outdated capacity to address the sector's current challenges. He stressed the need for technological innovation and a focus on niche markets to produce higher-value products tailored to specialized users, contributing to greater industry efficiency and sustainability.
Additionally, Jiang reiterated the importance of the green and low-carbon transformation of the industry, asserting that this shift is the only pathway for the steel sector to achieve high-quality and sustainable development in the long run.
VietnamSteel by Hoa Sen Group
