UK asks China to Speed Up Cuts to Steel Out­put

The Economic Times - - Around The World -

Ber­lin: Bri­tain has pressed China to speed up its ef­forts to cut steel pro­duc­tion amid con­cerns that Chi­nese steel­mak­ers are dump­ing ex­cess on the global mar­ket, trig­ger­ing a crisis in coun­tries like the UK. British for­eign sec­re­tary Philip Ham­mond dis­cussed the is­sue of over­ca­pac­ity in steel pro­duc­tion with his Chi­nese coun­ter­part here on Satur­day.“I urged China to ac­cel­er­ate its ef­forts to re­duce lev­els of steel pro­duc­tion,” Ham­mond said. Cheap Chi­nese steel is one rea­son why UK-based pro­duc­ers, such as Tata and Ca­paro In­dus­tries, have found it harder to re­main prof­itable. The grow­ing in­ter­na­tional con­tro­versy sur­round­ing China’s steel in­dus­try comes at an awk­ward time for the Chi­nese gov­ern­ment, which is seek­ing to secure EU “mar­ket econ­omy sta­tus” by the end of the year, the Fi­nan­cial Times re­ported. PTI

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