Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
China pledged to cut carbon emissions from aluminum smelters and reduce steel capacity under a five-year plan that adds some details on Beijing’s drive to reshape heavy industries.
The aluminum sector should slash emissions 5% by 2025, the Ministry of Industry and Information Technology said in a statement. Capacity in industries including steel and cement should decline over the period, while plant utilization rates should stay “at a reasonable level”, it added.
The proposals add some flesh to Beijing’s plans for reining in greenhouse-gas emissions and slashing energy consumption in key sectors. Steel and aluminum producers have come under pressure already this year amid initial attempts to cap output — but also because of a property-led demand slump.
The steel sector accounts for about 15% of China’s carbon footprint, with aluminum making up around 4%. In both industries, China is by far the top global producer. The document didn’t mention 2025 goals for production or carbon emissions from the steel sector.
Other targets in the five-year plan include:
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