G7 to take steps to tackle global steel glut

The Group of Seven nations will take steps to tackle a global glut in steel that many blame on overcapacity at Chinese producers of the material used in construction and cars, according to a draft text. If adopted at the G7 summit in Japan later this month, it will likely add to pressure on China, which accounts for about half of global steel output, to take steps after production hit a record high earlier this year.

Steel mills from Australia to the UK are under threat of closure because of the glut. “We recognise the negative.

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