Dealing with China’s Steel Overcapacity
China’s eight-fold expansion in steel production over the past 20 years has resulted in a worldwide oversupply. China now accounts for half of global steel output and is the largest exporter. Steel producers in the United States and other countries have faced a rising tide of imported steel. The U.S. reaction has been to impose antidumping (AD) and countervailing duty (CVD) measures to restrict imports. AD/CVD orders have not succeeded in restoring full profitability to U.S. steel mills, but have raised costs for manufacturers that use steel as an input.
How did China become the dominant player in the global steel marketplace? Will its production continue to rise, or be curtailed? What are the implications of global oversupply for the American steel industry? And what policy responses might best serve U.S. interests? Please join us for a discussion of these important issues.