China cuts steel import tariffs to push industry to improve

BEIJING (AP) — China has suspended some import duties on steel as part of a multiyear campaign to force the state-dominated Chinese industry to become more energy efficient and profitable. The Finance Ministry says import duties on crude steel, pig iron, recycled steel and some other products will be suspended May 1. It says export taxes of 15%-25% will be imposed on high-purity pig iron and other products. The ministry says the changes will promote the “”transformation and upgrading and high-quality development of the steel industry.” It says that includes reducing domestic production.