China's steel production fell in 2021

China's steel production fell in 2021 amid the country's efforts to reach its carbon summit and carbon neutrality goals.

The China Iron and Steel Association said on Monday that the country produced 1.03 billion tons of steel last year, down 35 million tons from 2020.

In the first 11 months of 2021, China's steel production reached 946 million tons, down 2.6 percent year on year.

The combined profit of the steel and iron industry rose 86.46 percent year on year to 351.7 billion yuan (approximately US$ 55.25 billion) in the January-November period last year, as rising costs and demand drive prices.

The association said businesses in the industry accelerated the green and low-carbon transformation last year, with a significant reduction in energy consumption and sulfur dioxide emissions per tonne of steel produced.

According to the association, investment in the real estate sector is expected to slow this year, but infrastructure investments are expected to accelerate, while overall steel demand is expected to remain the same as last year.