November 21, 2008

Guangdong to compensate for steel capacity elimination

It is reported that Guangdong province government held a meeting for the outdated iron and steel capacities to be stopped and the capacities to be closed due to the relocation of Guangzhou Iron and Steel.

The Development and Reform Commission and Environment Protection Office of Guangdong Province signed Letter of Responsibility for Iron and Steel Capacities Closure due to the Relocation of Guanggang and signed with concerned local governments Letter of Responsibility for Stopping and Washing out Outdated Iron and Steel Capacities, including Shaoguan, Heyuan, Meizhou, Huizhou, Shanwei and so on. The concerned capacities to be closed in the “11th Five year” amounted to more than 10 million tonnes.

As per report on the meeting the government will give the companies who loss capacities some economic compensation under condition, and the detail is planning.