International Appeal to curb steel overproduction

Chinese steel plant Image copyright Getty Images
Image captionChina rejects claims dumping price
international group of countries began production called for urgent measures to curb overproduction.
The call comes after days of international negotiations to find measures to overcome the crisis in the industry has failed.
The joint statement comes from the US, Canada, EU, Japan, Mexico, South Korea, Turkey and Switzerland.
record production in China in recent months has led to criticism that it distorts international markets by selling steel at a loss.
The statement calls for "continuing international dialogue" to remove the "policy market distortion" and to promote greater transparency in the global industry.
On Monday, representatives from more than 30 countries met in Belgium, but concluded that only an excess of production capacity had to be dealt with in a quick and structured way.
US clearly pointed a finger at China, saying the country will face action if it did not cut overcapacity possible trade.
But China has rejected suggestions that he subsidized its unprofitable steel companies, and the meeting ended without any formal agreement.
Media captionIs China is to blame for the problems of the UK steel industry?
production record
China is the world's largest steel producer, which is about 822 million tons per year.
On Tuesday, the country said that its production was a record last month as profit growth encouraged more production.
With the domestic market of China slowing down, their manufacturers were looking for export markets such as the EU.
This has led to accusations of unfair competition that Chinese manufacturers "dumping" Steel production to foreign markets - it is not just to sell them cheaply, taking advantage of their lower production costs, but in reality sell them at a loss.
Global steel capacity
63.7bn
tons in 2015
67.5% used in 2015
70.9% used in 2014
OECD
Getty Images
Tata Steel in India has recently announced plans to sell its loss-making UK business, with reference to the "rapidly deteriorating" trading conditions due to global overproduction.
In 2015, the EU imposed anti-dumping duties for six months on certain steel imports from China and Taiwan.
The EU and China have clashed over the alleged dumping of products such as wine, solar panels and steel pipes.