Chinese major steel giants hold negotiations for subsidy ban

Chinese major steel giants hold negotiations for subsidy ban

According to market reports, representatives from major steel producers of China, including Baosteel, Anshansteel and Shousteel, are currently in talks regarding subsidy ban agreement proposed at OECD's last meeting on July 16-18. These meetings, starting from February this year, were held for the purpose to reduce global over capacity problem, consequently to eliminate all state subsidies which cause injury to steel trading world wide. Although this international steel agreement idea was gladly accepted by developed countries, it received pretty much reaction from most developing countries, leading India and China. As previously reported at SteelOrbis, China might partake with countries such as India, Brazil and Egypt for special measures under a subsidy ban agreement. It is obvious that OECD planning to get the agreement signed towards the end of 2003, should have to wait at least until 2004.