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Structural steel industry mergers and acquisitions to enter the adjustment period
Published: 8:35:28 May 19,2014 Views: 12
Securities Times News Network (www.stcn.com05 May 19 hearing
‘Now the steel companies not to be seen.’ President of the China Iron and Steel Association, Baosteel Group Chairman Mr Xu’s words revealed the industry’s embarrassment due to serious overcapacity problems, difficulties in the development of China’s iron and steel industry, therefore, to resolve overcapacity in the steel industry has become difficult to resolve the current focal point.
According to China Securities Journal reported, the data show that in 2013 the world’s crude steel production increased by 3.5% to reach 1.607 billion tons, China’s crude steel production increased by 7.5% to reach 779 million tons, from the point of view of capacity utilization, in 2013 the global steel production capacity of nearly 21 million tons of excess capacity of nearly 500 million tons, of which China’s steel capacity utilization of only 72%.
Excessive competition, weak demand makes the world’s major steel companies fell sharply profitability. Overall profitability of the steel industry in the industrial sector on a long-term bottom level. First quarter of this year, China Steel Association member companies sales profit margin of only -0.27% dropped 0.64 percentage points year on year.
‘China’s steel industry in the process of rapid development has accumulated a lot of contradictions and problems, leading to nearly two steel market prices decline, the sharp economic decline of the steel industry.’ Mr Xu said that compared with 2011, 2013 Steel Association Member Steel sales fell settlement price 1026 yuan per ton, steel price decline in raw material prices and squeezed, iron and steel production and operation of enterprises facing unprecedented difficulties.
‘China’s steel industry has entered the ranks of great powers, but there are still some outstanding issues in the rapid development, such as overcapacity contradiction, industry profit margins low, high dependence on foreign resources, such as the core competitiveness is not strong.’ Said Su Bo, iron and steel production and operation encountered great difficulties in the steel industry must adapt to the new situation, accelerate industrial restructuring.
Su Bo pointed out that the Ministry of Industry as the industry department, the future will mainly focus on solving overcapacity, promote technological progress and structural optimization, and promote the upgrading of products to enhance the internationalization of the four aspects of the work, which will focus on resolving overcapacity, strict control of new production capacity, accelerate the elimination of backward production capacity, establish early warning mechanisms steel industry capacity, promote the steel industry overcapacity resolve to achieve tangible results as soon as possible.
‘It is imperative to strictly control the steel industry production capacity.’ Su Bo bluntly, the focus is strictly approved the new steel production capacity, the implementation of equal or reduction replacement for new projects, eliminate backward production capacity is an important measure to resolve the overcapacity.
It is understood that, since 2010, China has a total elimination of excess production capacity 85 million tons of iron and steel production capacity of 57 million tons of excess. Goal this year is expected to be eliminated backward steel capacity of 27 million tons, a year in advance to ensure the completion of the ‘five’ the task of eliminating backward production capacity.
Su Bo said that the future will further play a role in the price linkage, taxation, finance, land, trade, production and licensing of access management policies and practices, to promote not meet the admission requirements of the enterprise out of the market through the implementation of a fair tax burden on the steel industry policy, the phasing out of imported steel bonded policies, support differentiated tariffs, tariff punitive tariffs to promote energy consumption up to standard water consumption capacity out of the market.
‘I hope that from 2013 to the end of 2017, compressing more than 80 million tons of steel production capacity, so that capacity utilization reached a reasonable level.’ Su Bo said.
(Securities Times Online News Center