China to revamp steel industry

China will consolidate its fragmented steel sector and produce higher-technology, higher-quality steel, the Wall Street Journal reported, citing an official industry report on Tuesday. China's State Council already has approved the new readjustment policy, industry officials said. China will limit foreign investment in China's biggest steel mills and will be barred from taking controlling stakes in Chinese steel makers that produce over 5m metric tons of steel annually. Foreign firms will be urged to enter joint ventures to produce high-value steel, such as zinc-plated sheets and auto sheets.