Chinese government will allocate 5 billion yuan ($816 million) to help steelmakers in Beijing-Tianjin-Hebei megalopolis to cut production, National Business Daily reported today, citing an official from China Iron and Steel Association (CISA).

Capacity utilization rate was only 42-45% in China’s steel industry plagued with huge overcapacities, Zhu Jimin, senior vice chairman at CISA told the newspaper at a conference on Thursday.

Tags: Chinese news summary,China steel industry overcapacity