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China's steel industry will reduce carbon emissions by 30% from the peak in 2030, or 420 million tons a year, as a part of the country's stated overall plan to reach peak carbon emissions by 2030 and net-zero by 2060, the Economic Information Daily said. China accounts for more than 60% of the global emissions by steelmaking, the newspaper said citing Li Xinchuang, an official at Metallurgical Industry Planning and Research Institute. China plans to restructure the steel industry and reduce the production of small and medium-sized rebars, it said citing researcher Yin Ruiyu at the China National Engineering Research Institute.