China's Steel Output May Hit 620 Million Tons

China's crude steel output is forecast to reach 620 million tons this year with annual growth rates of 12 percent over the past five years.

At present, there are several hundred steelmakers, small and large, in China with a combined production capability of more than 700 million tons, approximately 100 million tons in excess of the country's actual demand.

China must do whatever possible to turn itself from a big steel production base into a powerful one through industry restructuring, mergers and reorganization, enhancing the degree of centralization and accelerating the progress of equipment optimization and upgrade in the next five years.