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This year, the restructuring of the steel and coal industries will continue with undiminished intensity, shifting its focus from reducing capacity to enhancing efficiency.
Release date:
2018-05-28
Source:
At the recently held 2018 Council (Expanded) Meeting of the China Iron and Steel Association, Xia Nong, Inspector with the Industry Coordination Department of the National Development and Reform Commission, emphasized that, as 2018 begins, industries such as steel must continue to consolidate the hard-won achievements made in capacity reduction efforts thus far, while strictly controlling any unauthorized expansion of production capacity. At the same time, decisive steps should be taken to further promote mergers and acquisitions, fostering greater industry consolidation and boosting market concentration.
At the recently held 2018 Council (Expanded) Meeting of the China Iron and Steel Association, Xia Nong, Inspector with the Industry Coordination Department of the National Development and Reform Commission, emphasized that as we enter 2018, industries such as steel must continue to consolidate the hard-won achievements made in capacity reduction efforts thus far, while strictly controlling any unauthorized expansion of production capacity. At the same time, decisive steps should be taken to further promote mergers and acquisitions, fostering greater industry consolidation and boosting market concentration.
Liu Zhe, Vice President of the Wanhua New Economy Research Institute, stated that companies in industries like steel and coal—where supply infrastructure is aging—are holding onto substantial amounts of capital, land, labor, and other production resources. He emphasized that mergers and acquisitions can facilitate the reallocation of these resources from traditional, mature industries toward emerging sectors driven by new growth engines, thereby optimizing the overall allocation of existing assets. Furthermore, deepening integration and restructuring across upstream and downstream industries not only helps address excess capacity but also enables the industry to undergo transformative upgrades and achieve a dynamic balance between supply and demand. Compared to forcibly shutting down enterprises through administrative measures, encouraging traditional firms to merge and restructure is a more effective approach for mitigating the short-term disruptions caused by excess capacity, ultimately enabling a "soft landing" with minimal economic and social impact.
When discussing the current challenges in the steel and coal industries as they push ahead with mergers and restructuring, Liu Xiangdong, an associate researcher at the Economic Research Department of the China Center for International Economic Exchanges, noted that most steel and coal enterprises are currently facing significant operational difficulties. Many companies have complex equity and debt structures, leading to high risks and making it particularly challenging to implement market-oriented solutions. To address this, he suggested accelerating debt restructuring and, once the debt-creditor relationships are clarified, adopting merger and acquisition strategies to speed up market consolidation and enhance overall industry efficiency.
Liu Zhe pointed out that to address the challenges in mergers and acquisitions, it is essential, on one hand, to prioritize improving the quality of the supply system, encouraging traditional industries and outdated production capacities to be acquired or merged by emerging, cutting-edge sectors. On the other hand, the government should introduce targeted policies, strengthen top-level design, clarify the principles for distributing interests during the M&A process, and ensure robust financial support and comprehensive measures for employee resettlement—ultimately preventing situations where companies merely "merge" without achieving true "synergy."
In Liu Zhe's view, this year the focus of mergers and acquisitions should shift from overall volume control through restructuring to structural optimization aimed at improving quality and boosting efficiency.
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