The overcapacity has led China to dump steel in export markets.
Jean Claude Junker, the European Commissioner has made it clear to his Chinese counterpart that China’s overcapacity in the steel sector is a very serious issue.
By far the world’s biggest producer of steel, China’s annual output is nearly double of that of the European Union’s. The overcapacity has led to China dumping its steel at below costs to various countries, who have raised a hue and cry over its practice.
Rivals producers have also raise strong objections with the result the industry is facing increased stress from job cuts and plant closures.
Categories: Economy & Finance, Regulations & Legal, Strategy
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