China Expects 1.8 Million Coal, Steel Layoffs on Capacity Cuts
- Plan underlines nation's determination to chop overcapacity
- Cutting coal capacity 500 million tons; steel by 150 million
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China will lay off about 1.8 million steel and coal workers as President Xi Jinping drives efforts to cut the country’s industrial overcapacity and reform it’s bloated state-run enterprises.
About 1.3 million workers in the coal industry and 500,000 in steel will be cut, Yin Weimin, human resources and social security minister, said Monday, according to a transcript posted on the government’s website. The employees would be reallocated, Yin said, without providing further details.