Brazil, US to work together to fight Chinese surplus of steel

Friday, 01 April 2016 23:07:46 (GMT+3)   |   Sao Paulo
       

The US and Brazil will soon work together in an attempt to mitigate the effects of the overcapacity crisis affecting the global steel market, caused mainly by the surplus of steel from China.

The joint move was proposed by the US government, a Brazilian media report said, citing the Brazilian minister of the development, industry and foreign trade (MDIC), Armando Monteiro.

Monteiro said there’s a “huge concern” regarding the crisis in the two countries, which involves the glut of steel, a strong decline in demand for steel globally, and as a result, “a boom of protectionist measures everywhere to protect the domestic markets.”

Monteiro said Michael Froman, the US Trade Representative, urged a “global coordination” to avoid a worsening of the situation.

Monteiro explained both Brazil and the US should work together in discussion forums about the crisis in the steel segment, such as in the up-coming commission of the Organization for Economic Co-operation and Development (OECD), which is expected to meet in April.

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