China expects its top 10 steel makers to produce more than 60 percent of the country's total steel output by 2015, according to a document published on the government's website Thursday.
China is encouraging its big steel companies to acquire other smaller ones to cut emissions, and restructure so to consolidate the steel industry. It aims to create three to five major steel companies that will compete in the international market, according to the document issued by the General Office of the State Council.
The government said it would encourage domestic steel mills and iron ore firms to set up reliable iron ore bases overseas and for big steel companies to establish plants overseas.
Source: Xinhua
