CCTV News: Ministry of Industry and Information Technology Announces Work Plan for Steady Growth of Iron and Steel Industry
The Ministry of Industry and Information Technology, along with the National Development and Reform Commission, held a press conference yesterday to discuss the steady growth of the raw material industry. In particular, the focus was on the iron and steel industry, with the announcement of the “Work Plan for Steady Growth of the Iron and Steel Industry”.
According to the plan, the industrial added value of the iron and steel industry is expected to increase by approximately 3.5% in 2023, and by more than 4% in 2024. The main objectives for achieving this stable growth include maintaining a dynamic balance between supply and demand, steady growth in investment in fixed assets, and significant improvement in economic benefits. Additionally, it aims to increase the industry’s R&D investment to 1.5% and enhance the industrial added value.
To achieve these goals, the “Work Plan for Steady Growth of the Iron and Steel Industry” proposes the implementation of four major actions. These include technological innovation and transformation, upgrading of steel consumption, improvement of supply capacity, and the cultivation of leading enterprises. By focusing on these areas, the iron and steel industry can further optimize its development environment and industrial structure, leading to increased high-end, intelligent, and green production.
Highlighting the progress made so far, the report shared that from January to July of this year, the industrial added value of the iron and steel industry increased by 6.6%. This figure is 2.8 percentage points higher than the industrial average, demonstrating the industry’s significant contribution to economic growth. The national output of pig iron, crude steel, and steel products also experienced positive growth, with year-on-year increases of 3.5%, 2.5%, and 5.4% respectively.
Furthermore, the steel consumption structure has continued to improve, with a decline in the proportion of steel used in the construction industry. Conversely, there has been a significant increase in the use of steel structures and manufacturing steel. The development of emerging industries such as new energy, new materials, and high-end equipment has also driven the demand for high-end steel.
The announcement of the “Work Plan for Steady Growth of the Iron and Steel Industry” sets a clear path for the future of the iron and steel industry in China. With a focus on technological innovation, improved consumption patterns, enhanced supply capacity, and the cultivation of leading enterprises, the industry is expected to continue its upward trajectory, contributing to the nation’s economic development.