Hebei Steel to Cut Output by 1.5 Mln Tons

Hebei Steel confirmed from September to December the company will cut output by 1.5 million tons, 6 percent of its planned annual production. Affected facilities mainly come from Tangshan Steel, Handan Steel and Chengde Steel.

As of mid-September, Hebei Steel raised the prices of wire rod and bar coil by 200 yuan, to 4,450 yuan per ton for the former and 4,650 yuan for the latter; and lifted rebar prices by 180 yuan, to 4,400 yuan.

The impact on the group's balance sheet in the fourth quarter is hard to predicate.