Chinese steel capacity in operation actually rose in 2016 after a high-profile closure program concentrated on shutting idled plants, environment group Greenpeace said on Monday. China – the world’s top producer and consumer of steel – said early last year it would shut as much as 150 million tonnes of annual crude steel capacity over the next five years to tackle a supply glut that had encouraged a surge in cheap exports, exposing the nation to anti-dumping complaints. The campaign to curtail steel capacity overlapped with the country’s war on pollution, with hundreds of poorly regulated mills blamed for much of the hazardous smog drifting across northern China. “We believe that it’s above all in China’s self-interest to tackle the overcapacity problem, because of the tremendous health and environmental costs as well as associated financial risks,” said Greenpeace campaigner Lauri Myllyvirta. In research conducted with Custeel, a consultancy affiliated […]