You are here: Home » International » News » Politics
Business Standard

G7 to take steps to tackle global steel glut

As many blame on overcapacity at Chinese producers of the material used in construction and cars

Topics
G7

Reuters  |  Tokyo 

The Group of Seven nations will take steps to tackle a global glut in steel that many blame on overcapacity at Chinese producers of the material used in construction and cars, according to a draft text. If adopted at the G7 summit in Japan later this month, it will likely add to pressure on China, which accounts for about half of global steel output, to take steps after production hit a record high earlier this year. Steel mills from Australia to the UK are under threat of closure because of the glut. “We recognise the negative impact of global excess capacity across industrial ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Sat, May 14 2016. 21:05 IST
RECOMMENDED FOR YOU
.