Curb steel production, says ThyssenKrupp CEO


Steelmakers in China and the rest of the world need to do more to reduce overcapacity, according to Guido Kerkhoff, CEO chief executive officer of Germany’s ThyssenKrupp AG.
While China made good progress in curbing over-production, there’s room for even more cuts, Kerkhoff said. China has reshaped industry in past three years by closing plants, tightening environmental controls and imposing targeted production curbs.
“There is still overcapacity worldwide” and reducing that ‘needs to continue’ not only in China, but in Europe and rest of the world, he said.
China’s steel exports have dropped to lowest levels in five years, buoying world prices and cementing sector’s recovery after a crisis at end of 2015.

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