The "steel war" comes to G7

Twelve associations, representing the most influential global steel producers, have appealed to the G7 leaders to take appropriate measures to support the sector, which is suffering very negatively of "distorting practices" of some governments, which no regard for the situation of the market, continue to promote the production, indifferent to global overcapacity.

The danger is called Beijing, which currently produces half the world's steel, half the world's steel production, and where many steel mills continue to be kept active, even though they work at a loss, while the government has encouraged their supply on the market or with tax cuts exports to foreign countries, with the result of creating downward pressure on prices in the rest of the planet. Oversupply in China is estimated, in 2015, no less than 340 million tons, more than a third of total production.

Meanwhile  US has begun to take strong countermeasures against Chinese steel. After hitting him with anti-dumping duties of 256% its price of admission on American soil, this week the Commerce Department in Washington has extended the heavy tax of 210% against the Chinese steel corrosion resistant, while other duties from 39 % to 241% have been raised against the subsidies practiced by Beijing.