Baosteel president predicts the closure of a large number of steel companies

Tightening environmental requirements and lack of credit will lead to the liquidation of a large number of Chinese steel companies.

Commenting on the 42 percent drop in profits at China's largest state-owned steel company, President President of Baoshan Iron & Steeel (Baosteel) Dai Zhihao said that while maintaining tight credit conditions and high environmental requirements, most of the country's steel companies will close in the next three years.