China shuns collective effort to ease global steel glut

China declined to sign an international statement on actions needed to tackle the steel glut in a sign of the obstacles to balancing a market dominated by Chinese mills.

Representatives of the European Union, the US, Japan, Canada, Mexico, South Korea, Switzerland and Turkey issued a statement on steel-market overcapacity after meeting this week in Brussels. China, which is the world's No. 1 steel-producing country and took part in the April 18 gathering, isn't among the signatories, according to the European Commission, the 28-nation EU's executive arm.

Bloomberg