China is pushing for reform in the iron and steel industry, and a new wave of production cuts is in discussion. For many private companies in the industry, it’s expected to be a testing time.
There are five iron and steel plants in the city of Wu’an. They are being forced to relocate outside of the city by the government while at the same time reducing production capacity.
With the price of steel hitting record lows, the city is cutting one third of its production.
CCTV’s Ning Hong reports.