Key steel producers fail to come to a compromise on overcapacity
China as well as other key steel-producing countries didn’t come to a compromise as for tackling a global steel downtime, because all the participants argued as for the actual causes of overcapacity, thus backing up American criticism of Beijing’s approach, to say nothing of an irate response from Chinese statesmen.
Monday’s gathering of trade officials as well as ministers from thirty countries, hosted by the OECD and Belgium, tried to work out effective solutions to the problem of excess capacity, though concluded that it should be handled in the structural way.
Washington pointed out to China due to the failure of the talks, telling that Beijing required acting to fight overcapacity or simply face trade actions from other countries.
Unless China starts taking timely and effective actions to minimize its excessive production as well as capacity in its industries including steel, the basic problems within the industry will flourish and keep affecting governments.
However, Shen Danyang, the Chinese government told that his country had already done a lot to tackle this issue.