Human Face of Overproduction: 1.8 Million Layoffs in Coal and Steel

CNN: China plans to cut 1.8 million coal and steel jobs
The Chinese government said Monday it was planning to shed 1.8 million coal and steel jobs in an effort to reduce excess capacity.

Some 1.3 million jobs will be lost in the coal sector, and 500,000 in the steel industry.

The cuts represent about 20% and 11% of China's coal and steel jobs, respectively, according to IHS Insight.

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