Steel industry needs more curbs, says ThyssenKrupp CEO Guido Kerkhoff

Steelmakers in China and the rest of the world need to do more to reduce overcapacity, according to Guido Kerkhoff, chief executive officer of Germany’s ThyssenKrupp AG.

While China has made good progress in curbing over-production, there’s room for even more cuts, Kerkhoff told reporters in a group interview in Shanghai on Saturday. The biggest steelmaking nation has reshaped the industry in the past three years by closing plants, tightening environmental controls and imposing targeted production curbs.

“There is still overcapacity worldwide” and reducing that “needs to continue” not only in China, but in Europe and the rest of the