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MIIT finalizes old-for-new steel capacity swap guidelines

ABSTRACT

After nearly one and a half years of long wait, China’s Ministry of Industry and Information (MIIT), the governing body of the domestic steel industry, released the updated detailed guidelines regarding the old-for-new steel capacity swaps in China on May 6, and it will take effect on June 1 nationwide.
The guidelines, thus, will be replacing the earlier version that took effect since the start of 2018 but then had been shelved since January 2020 because of the loopholes and defects that had been detected in the actual execution, and the ministry has since then been working on an updated

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