(MENAFN) One of China's main steelmakers intends to cut up to 50,000 jobs, as the country struggles to cut overcapacity while growth in the world's second-largest economy slows.
Furthermore, the firm's steel division has 80,000 workers but might retain only 30,000 of them, according to a statement.
The country's economy increased as its slowest pace in a quarter of a century and its outlook remains desolate, with the gov't growth to 6.5 percent.
Additionally, authorities prioritized cutting borrowing, overcapacity and inventory as they seek to maintain growth and make it more sustainable.
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