Baosteel expects massive industry restructuring in China

SHANGHAI Nov 16 （Reuters） - The chairman of Baosteel Co. Ltd. 60019.SS, China's biggest listed steelmaker, told reporters on Tuesday that he expects a wave of industry restructuring because of overcapacity.

"The entire steel sector faces massive restructuring," Baosteel Co. Chairman He Wenbo said at a press conference.

"Not all or every Chinese steel mill will be able to handle difficult times. Chinese steel mills have entered a long-term, low-growth period."

Last week, Baosteel kept the prices of December bookings for its main hot-rolled and cold-rolled products unchanged, the second consecutive month of unaltered prices by the firm which sets the tone for the domestic industry as a whole. （Reporting by Ruby Lian, Editing by Ed Lane）