U.S., China still at odds after steelmakers agree to tackle market-distorting subsidies

The world’s largest steel-producing countries agreed to dismantle market-distorting subsidies but deep pision remained, with China calling for more action from other producers and the U.S. saying there was much more to do.

Speaking at the conclusion of a Berlin summit hosted by the German government to discuss global steel overcapacity, Economy Minister Brigitte Zypries said delegates had agreed on the need to dismantle subsidies and arrange better sharing of information on the process of capacity reduction.

But assistant Chinese Commerce Minister Li Chenggang warned against a situation where his country, the world’s largest steel maker, made painful efforts to cut capacity “while the rest of the world just watches”.

China is under pressure from other steelmakers, especially the U.S., to cut subsidies and shutter more capacity in addition to the 100 million tonnes it has already closed. But Jamieson Greer, chief negotiator for the U.S., said the summit had agreed “initial steps” but that far more needed to be done.

Source: Reuters

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