Beijing: EU action against Chinese steel exports will not solve the industry’s problems

„The call of the European Union for the intensification of measures regarding imports of steel products from China will not solve the problems faced by the steel industry worldwide.

The entire global steel industry is going through tough times due to the weak economic recovery and low demand… The real reason for the difficulty facing the EU steel industry is the decline in competitiveness.”  China’s Ministry of Commerce said Monday (March 21).

The European Commission announced on March 16 its plans to speed up trade protection processes against cheap imports from China, and asked EU member states to end measures that could block higher taxes on dumped and subsidized products.

Chinese steel producers were unable to increase sales abroad. They reached a record of 112 million tons in 2015, due to investigations into Chinese steel products and a drop in demand from foreign buyers. Steel exports decreased by 1.3 percent to 17.85 million tons. In the first two months of this year, customs data show.

In February, the regulatory authorities in the EU opened three anti-dumping investigations for imports of these steel products from China. And they imposed new import taxes, following the request for intervention expressed by the EU steel industry.

Chinese officials said on March 20 that the economy is showing signs of improvement. While capital outflows from the country were moderate.

Article source: https://www.euractiv.com/section/trade-society/news/beijing-eu-action-against-chinese-steel-exports-wont-solve-industry-problems/