35951
Call for EU Action on Steel
World Economy

Call for EU Action on Steel

Seven countries including France, Britain and Germany have urged the European Union to step up action to relieve an ailing steel industry suffering from tumbling prices and cheap imports from China and Russia.
Ministers from the three countries, along with Italy, Poland, Belgium and Luxembourg, sent a joint letter on Friday to the European Commission and the chair of the EU Council of Ministers.
“The European steel industry—already weakened by the 2008 economic crisis—is tackling chronic use of unfair trade practices in a context of strong international competition intensified by overcapacity at a global level,” they wrote in the letter, initiated by French Economy Minister Emmanuel Macron and seen by Reuters on Saturday.
“The European Union cannot remain passive when rising job losses and steelwork closures show that there is a significant and impending risk of collapse in the European steel sector.”
The EU is the second-largest producer of steel in the world after China. It makes over 177 million tons a year, accounting for 11% of global output, according to EU data.
Europe has lost 85,000 steel jobs since 2008, over 20% of the workforce, according to the industry body Eurofer, as prices crashed to decade lows due to overcapacity, shrinking demand and a flood of cheap imports, mostly from China.

 

Short URL : http://goo.gl/UnlpXS
  1. http://goo.gl/hVmssD
  • http://goo.gl/DeVNz5

You can also read ...

French Foreign Minister Jean-Yves Le Drian addresses CEDRE Conference in Paris on April 6, with Lebanese Prime Minister Saad Hariri on his right.
With the FIFA World Cup over and French victory secured,...
Dubai’s new business licenses in the second quarter of 2018 were down 26% from the same period in 2016.
In Dubai’s posh Jumeirah Beach residence district, luxury...
Handout picture shows IMF Managing Director Christine Lagarde on a screen as she speaks  during the G20 meeting taking place in Buenos Aires, on July 21.
The International Monetary Fund warned world economic leaders...
Germany Lifts Turkey Sanctions
Germany has lifted economic sanctions on Turkey and relaxed...
Farnborough Airshow Announces $192b in Orders
England’s Farnborough airshow this week saw deals worth $192...
Australia  Faces Massive Economic Crash
Australia is facing an economic shock akin the global...
IFC to Inject $2 Billion in Egypt’s Private Sector
International Finance Corporation, a member of the World Bank...
According to a survey, 75.3% are facing difficulties in running their businesses this year.
South Korea’s major business lobby said Sunday it will file an...

Trending

Googleplus