quarta-feira, 25 de maio de 2016

GLOBAL STEEL INDUSTRY CALLS ON G7 TO PROTECT IT FROM CHINA

Twelve global steel associations urged the Group of Seven advanced economies, which meet in Japan this week, to prevent cheap Chinese steel distorting world markets and inflicting further pain on producers.
Steelmakers have been hit by a plunge in steel prices, which Europe and the United States have blamed on a surge in cheap exports from China that has exacerbated the impact of a collapse in demand following economic crisis.
Among the casualties are Tata Steel, which in March announced it was selling its British operations as it could no longer sustain deep losses, prompting a political scramble to save the thousands of jobs at stake.
The White House has already said discussion of actions to reduce global industrial overcapacity, with an emphasis on the steel glut, would be on the agenda for Japan talks starting on Thursday.
Open letters made public on Wednesday to world leaders from 12 steel industry bodies and other manufacturers said that discussion must include action against countries that do not respect market economy conditions, especially China, and oversupply had to be tackled.

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