THE BUSINESS TIMES Government & Economy - [BRUSSELS] France and Germany urged fellow EU members on Friday to tighten trade defences to protect the bloc's companies against floods of cheap imports, such as the recent surge of steel products from China.. Read more at The Business Times.
Beijing vowed to cut hundreds of thousands of jobs in the steel sector as part of massive economic reforms, but foundries are reopening and production is on the rise
European steelmakers also warn that dumping of Chinese steel in EU is likely to increase as other countries clamp down
The European Commission launched a new investigation into Chinese subsidies of certain steel exports to the EU, highlighting the bloc’s increased efforts to protect its struggling steel industry.
"It’s exactly the action we have been pushing hard for in Europe and this type of investigation, the first of its kind, means anti-dumping tariffs can be imposed much earlier"
Companies that make products from steel say banning Chinese imports would deprive them of higher quality, more reliable suppliers.
The G7 nations are to 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 obtained by Reuters.