After a decade of promises with few results, China is pledging to close thousands of factories, steel mills, and mines to cut the country's staggering industrial overcapacity. On Feb. 4, the cabinet-level State Council said it will eliminate 100 million to 150 million metric tons of surplus steel making capacity over the next five years. The government has made similar promises before, but the latest statement was couched in categorical terms, aimed at a broad range of struggling smokestack industries. Read more
