Steel companies across the world are urging G7 leaders meeting in Japan to act together to prevent Chinese steel being dumped unfairly, distorting markets across the globe.
In a statement signed by steel trade groups from the US, Europe, Canada, Japan and by UK Steel in Britain, world leaders are warned that the current crisis will continue to put pressure on steelmakers with the potential for more plant closures without action to deal with the problem at source.
Gareth Stace, Director of UK Steel said:
“Chinese government policies have contributed to significant global excess capacity in steel, unfair trade and distortions in steel trade flows around the world.
“If the G7 leaders fail to address or halt market distortions it will mean subsidised and state-supported enterprises surviving at the expense of efficient companies operating in environments with minimal government support.’
“That’s why we are urging leaders at the summit in Japan to discuss the need to maintain effective remedial measures, consistent with their World Trade Organisation rights and obligations, against exports from countries in which market economy conditions do not prevail.”
You can view the joint statement here