[Ferro-Alloys.com] China will resolutely cut the output of crude steel and ensure it falls year on year in 2021, a senior official said.

Efforts will be made to promote low-carbon industrial development and green manufacturing next year, said Minister of Industry and Information Technology Xiao Yaqing at a work conference.

China's consumption of steel products is expected to grow marginally next year, after hitting a record this year, said a new report from the Beijing-based China Metallurgical Industry Planning and Research Institute.

According to the report, China's steel products consumption this year is set to rise by 9.6 percent on a yearly basis to 981 million metric tons, and by 1 percent to 991 million tons in 2021, based on the economic growth trends and demand from major downstream industries.

China Baowu Steel Group announced on Wednesday it would launch several major projects at Baowu Wusong Park in Shanghai's Baoshan district.

The 10 projects involve total investment of about 13.56 billion yuan and will be developed into 513,000 square meters of gross floor space.

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