China will cut another 500,000 steel and coal jobs this year to reduce excess production capacity, the labor minister said, amid complaints the industries are flooding global markets and depressing prices.
Beijing is in the midst of a multiyear effort launched last year to shrink bloated industries including steel, coal, cement, aluminum and glass in which production exceeds demand. The government will provide support for the laid-off workers to find other jobs, start companies or retire, Yin Weimin said at a news conference.
“This year, to reduce excess capacity, we need to make accommodation for 500,000 workers,” Yin said.
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