But demand for long steel products is set to remain subdued, given the poor demand outlook from the construction sector, Zuo added.

Established with a donation of $5.81 million from Vale, the joint laboratory will be open to all the researchers from the mining and steel industry from today, it said.

Many companies in what are considered to be sunset industries have actually regained their vitality through innovation and transformation.

The CBAM puts a price on the carbon emitted during the production of carbon intensive goods entering the EU. It started trial operation in October last year, and will be implemented from 2026 onward.

They made their comments during a news conference held by the State Council Information Office on Thursday.

The output accounted for 59.1 percent of the province's power load at that time, said the company.

The proportion of nonfossil energy in the total energy consumption is expected to rise to around 18.9 percent, it said in a guideline on energy work in 2024.

He said the orderly promotion of clean and efficient utilization of coal has seen significant progress.