Japan, 27 Others Agree on Framework to Tackle Steel Overcapacity

Washington, Sept. 30 (Jiji Press)--Japan and 27 other countries and regions agreed Wednesday on a comprehensive framework for joint action to address steel excess capacity, calling for monitoring exports through third-party countries to circumvent trade regulations.

The framework, adopted at a meeting in Milwaukee, Wisconsin, called for collecting and sharing information, including on the countries where steel was melted and poured and on circumvention concerns to ensure greater transparency in supply chains.

Such measures are apparently aimed at addressing circumvention concerns involving China.

The framework sought to take measures, such as antidumping and countervailing duties, as appropriate to address the impacts of inflows of low-priced steel products on domestic steel industries.

"Excess capacity is sustained by factors including government interventions that shield uneconomic capacity from market forces that would otherwise require its retirement, distorting trade and weakening market-based producers worldwide," the 28 countries and regions said in a statement.

[Copyright The Jiji Press, Ltd.]