China will step up efforts in reducing steel production and set up a mechanism for the regulation of the remaining steel to reach goals for "carbon-peak" and "carbon neutralization", according to the Ministry of Industry and Information Technology on Tuesday.

"Carbon-peak" refers to the goal for carbon emissions to no longer increase after 2030, while "carbon neutralization" means to offset carbon emissions through methods such as planting trees to achieve net-zero emissions by 2060.

In addition, the ministry said it will take measures to promote the prohibition of newly added steel production capacity, the enhancement of related policies and acquisitions and restructuring among companies in the industry.

The ministry and related departments are also working to build overseas iron ore mines that are globally competitive to ensure supply, as about 80 percent of China's iron ore comes from overseas according to the ministry's spokesperson Huang Libin.