China’s largest steelmaking city is embarking on an ambitious environmental clean up plan and Alcoa, Inc., is not giving an inch in its fight against the Commodity Futures Trading Commission.
Cleaning Up Hebei Province
Iron and steel production in the Northern Chinese city of Tangshan has been reduced by 22 million metric tons in an effort to control air pollution and reduce outdated capacity.
Tangshan, in Hebei Province, accounts for half of all iron and steel produced there, which is a well-known steelmaking region. An estimated 96% of Tangshan’s industrial output is taken up by steel, coking, cement and electric power and this had led to severe air pollution.
Alcoa Criticizes CFTC Again
Major aluminum producer Alcoa has stepped up efforts to challenge the Commodity Futures Trading Commission’s, the top US commodities regulator, intervention in the London Metal Exchange‘s warehousing reform plan, criticizing its handling of the issue for a second time in as many months.
In a letter dated July 27, Alcoa general counsel Max Laun called on Timothy Massad, chairman of the CFTC, to retract a letter announcing its decision to delay ruling on the LME application to register as a “foreign board of trade” in the US.