Jia Yinsong, director of the raw materials department of the Ministry of Industry and Information Technology, said at the Third Steel Industry Development Strategy Seminar on the 14th that during the “Twelfth Five-Year Plan†period, the number of steel enterprises should be significantly reduced, and the concentration of the top ten industries should be increased to 60%. He also said that it will support the advantage of large-scale steel enterprise groups to carry out cross-regional and cross-ownership mergers and acquisitions, and encourage local governments to promote mergers and acquisitions of steel companies in the region. Jia Yinsong said that during the "Twelfth Five-Year Plan" period, the total amount of control will be combined with the elimination of backwardness and optimized layout. By building advanced production capacity in areas such as the Central and South China Sea, the backward production capacity in the Bohai Rim and other regions will be eliminated. He said that China will eliminate backward steel production capacity and completely eliminate blast furnaces of 400 cubic meters and below and converters and electric furnaces of 30 tons or less. Regarding the trend of future steel consumption demand, Jia Yinsong expects that with the deepening of industrialization and urbanization during the “Twelfth Five-Year Plan†period, large-scale construction of affordable housing, water conservancy facilities and transportation facilities will drive steel consumption. However, he also stressed that at present, due to the continuous increase in the price of imported bulk raw fuel and the increase in domestic labor costs, the pressure on steel production costs continues to increase, the level of profitability decreases, and operational risks further increase. “The sales profit margin of China’s steel owners’ business is only 2.9%, which is far lower than the interest on deposits. It can be said that it is purely for the banks to work,†he said. Jia Yinsong said that in order to improve resource security, during the "Twelfth Five-Year Plan" period, China will strive to achieve more than 50% of domestic mine supply, and the proportion of overseas equity mines will reach more than 15%. China will increase the exploration and development of domestic iron ore resources, encourage large enterprises to invest in mine exploration and development, rationally allocate and develop domestic iron ore resources, and increase resource reserves to increase iron ore self-sufficiency.
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