China has unveiled a fresh plan to upgrade its iron and steel industry. The Ministry of Industry and Information Technology says that under its plan, China will cut its steel production to below 1 billion tons during the country's 13th-five year program.

The plan also aims to boost the industry's capacity utilization by cutting energy consumption and emissions. The plan pledges to double the industry's concentration rate to 60 percent as a way to address the competition that's plaguing the industry.