Steel firms of China have not been dumping in the global market, said a senior Chinese official. Other countries must not resort to trade protectionism as this will not help the contracting global steel industry, reported Chinadaily.com.
Government subsidies does not make the Chinese steel makers globally competitive but it is due to the steel companies themselves, said National Development and Reform Commission (NDRC) official.
To solve overcapacity in the steel industry, which is a global issue, China has taken strong and effective measures to cut excessive production and substantial effects are emerging, said the official.
The most efficient, low energy consuming, and highly sophisticated steel manufacturing equipment in the world is used by China now which has cut production costs remarkably and boost firms’ competitiveness, The problem in the global steel industry will not be solved by protectionism and would, on the contrary, deal a further blow to international trade order, he added.
Source:scrap register
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