Steel producers fail to solve overcapacity crisis

Brussels

CHINA and other major steel-producing countries failed to agree on measures to tackle a global steel crisis as the sides argued over the causes of overcapacity, prompting US criticism of Beijing's approach and an angry response from Chinese officials.

A meeting of ministers and trade officials from over 30 countries - hosted by Belgium and the Organisation for Economic Cooperation and Development (OECD) on Monday - sought to tackle excess capacity, but concluded only that it had to be dealt with in a swift and structural way.

Washington pointed the finger at China over the failure of the talks, saying that Beijing needed to act on overcapacity or face possible trade action from other countries. "Unless China starts to take timely and concrete actions to reduce its excess production and capacity in industries including steel . . . the fundamental structural problems in the industry will remain and affected governments - including the United States - will have no alternatives other than trade actio…