Hebei province has announced it will shutter 240 of 400 steel factories by 2020, Caixin reported, citing an announcement from the provincial governor. As the province weans itself off steel, it will lose RMB180 billion in revenue and lay off more than one million workers. New projects have been banned until the province reaches a production target of 200 million tons per year. The bulk of the cuts will be made by smaller operators with a capacity below 300,000 tons per year. Concrete production capacity will also be slashed by two-thirds, or some 60 million tons, and coal and glass production will be cut as well.
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