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Angela Merkel is confident that the G20 will solve the problem of excess production

Angela Merkel is confident that the G20 will solve the problem of excess production

Angela Merkel said that the G20 is required to solve the problem of overproduction of steel in China. The issue of excessive production has long been on the world market of raw materials. This is the main cause of total loss of jobs in the United States and Europe.

The reason for such statements by the German Chancellor, associated with the upcoming presidency of the «Big twenty». Merkel said that in December, countries should make joint efforts to resolve the oversaturation of the market.

The head of European countries and the United States blaming China for the problems in the metals market. Because, it is believed that North Korea is flooding Western markets with products at a lower cost.

The Chancellor of Germany recalled that at the last G20 meeting, China had raised the issue of periprotect black steel.

Now, as never before, the acute problem of unemployment in the steel industry.

Merkel believes that only joint efforts can deal with the situation. In her opinion, at the moment one country to the detriment of other States.

Europe has attempted to limit the supply of China. Not so long ago, the EU imposed temporary duties on the most popular types of rolled steel. The decision caused a wave of discontent on the part of Beijing.

In turn, China recently reported on the elimination of excess capacity. Vice Prime Minister of the DPRK said that this year the government eliminated to 40.75 million tons of capacity. Until the end of the year, the Chinese intend to bring the figures for the decline in production to 88 million tons. Reduction program capacity is calculated till the end of next year. The overall decline of the capacity plans of the government of the country should reach 150 million tons.

December is scheduled and the recognition of China’s market economy. However, it seems that Europe and the States are going to postpone this decision. The EU has said — while the DPRK does not fulfill its obligations, it is necessary to delay the decision. First and foremost, we are talking about the provision of government support to exporters of steel.

The US government is also opposed to North Korea. The recognition of the status of country with market economy in China will become a threat to the American steel industry.

Experts fear if China recognized as a country with market economy, barriers for Asian suppliers. Anti-dumping duties are not too helpful in the exclusion of Chinese steel products. Because now the Chinese steel is coming to the West via third countries.

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