Arab Today, arab today china urged to fix life or death steel crisis
Last Updated : GMT 11:49:14
Arab Today, arab today
Arab Today, arab today

China urged to fix 'life or death' steel crisis

Arab Today, arab today

Arab Today, arab today China urged to fix 'life or death' steel crisis

Angry steel manufacturers in Europe have urged the EU to mirror the United States in punishing China
Brussels - AFP

Major players in the world's struggling steel industry urged China on Monday to scale back overproduction blamed for causing plant closures and job losses across the globe.

Ministers and representatives from 30 countries gathered in Brussels in a bid to end the row pitting the world steel industry against China, where an economic slowdown has unleashed a glut of cheap steel onto the world market.

"We will tell our Chinese partners... you do not respect the rules governing world trade," said French Economy Minister Emmanuel Macron ahead of the talks, organised by the Belgian government and the OECD.

"That is inexplicable for our workers, it is inexplicable for our industry," he said.

China produces more than half of the globe's steel output and is accused of flooding the world market with oversupply sold at below cost in violation of global trade rules.

Indian giant Tata Steel put its loss-making British operation up for sale last month leaving thousands of jobs at risk, in the latest example of the crisis.

"The discussion today with all these countries coming together is something that we pushed for and... China's participation will help make the difference," Britain's business minister, Sajid Javid, said on the sidelines of the talks, which are closed to the press.

China is represented by Assistant Trade Minister Ji Zhang and a large group of officials, but more senior figures stayed home.

The OECD, the grouping of world industrialised countries, plans to issue a joint statement at the end of the talks that would demonstrate a joint willingness to solve the crisis.
But a source told AFP that tempers were high, and a positive outcome remained uncertain.

Angry steel manufacturers in Europe have urged the EU, the second biggest producer in the world, to mirror the United States in punishing China with harsh tariffs.

The US in March slapped tarrifs of nearly 300 percent on so-called cold rolled steel, used to make auto parts, but the EU settled on a more cautious 20 percent for the same product.

The EU currently has dozens of anti-dumping measures in place against China, several involving the steel industry, but critics argue these are not enough.

At the talks, EU's Trade Commissioner Cecilia Malmstroem said the steel crisis was "now life or death for many companies", but that tariffs were "only a short-term bandage".

"Healing the sector's wounds requires sustained international cooperation leading to effective reform," she said, in an address made available to journalists.

China made no official declaration before the talks, but an editorial by the official Xinhua news agency accused governments of embracing protectionism which will damage the global economy.

"Blaming other countries is always an easy, sure-fire way for politicians to whip up a storm over domestic economic woes, but finger-pointing and protectionism are counter-productive," the editorial said.

"The last thing the world needs is a trade war over this issue," it added.

Chinese steel output rose in March, official data showed last week, despite repeated pledges by the world's top producer to cut capacity.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china urged to fix life or death steel crisis Arab Today, arab today china urged to fix life or death steel crisis

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday