Steel sector overcapacity likely to feature in G20 document-German official

August 30, 2016 4:49 AM EDT

People cycle past a billboard for the upcoming G20 summit in Hangzhou, Zhejiang province, China, July 29, 2016. REUTERS/Aly Song


Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.

BERLIN (Reuters) - The issue of overcapacity in the steel sector and other industries is likely to come up in the communique of the upcoming G20 summit in China, a German government official said on Tuesday.

China produces half the world's 1.6 billion tonnes of steel and has struggled to decrease its estimated 300 million tonne overcapacity, and rising prices have given companies there an incentive to boost production for export.

(Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Madeline Chambers)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Related Entities

Raising Prices

Add Your Comment