China laying off 1.8M coal and steel workers

From Bloomberg, more challenging news out of China as the government tries to address overcapacity in the coal and steel sectors:

China aims to eliminate production capacity of as much as 500 million metric tons of coal and 150 million tons of steel by 2020. Some coal mining companies last monthlobbied government officials, including Premier Li Keqiang, to set a price floor for coal to protect against bankruptcy and prevent job cuts, according to people with knowledge of the matter.