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August 5, 2015

China steel mills face penalities

Business

 
August 5, 2015

Beijing
China's top steel producing city of Tangshan will punish firms if they fail to meet tough new pollution standards over the next three months, according to new industry guidelines, a move that could force closures and help ease a severe capacity glut.
China is using tougher environmental rules to help tackle a severe glut of steel capacity that has depressed prices and saddled much of the sector - the world's biggest - with crippling debt.
Already struggling with record low prices and rising environmental compliance costs, firms could now have their power prices tripled if they fail to pay for the work required to meet the new standards, analysts estimated.
The new measures, dated July 1 and circulated over the weekend by traders and analysts, target big industrial coal and water consumers in Tangshan, including coal-fired power plants, cement manufacturers and steel producers. The measures, reviewed by Reuters, also ban the sale and utilisation of low-grade coal.