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Australia, China and US to address steel glut

Business

China and the United States will work with Australia to address the overproduction and dumping of steel.

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Prime Minister Malcolm Turnbull has spoken on the phone with US President Barack Obama about the issue, which threatens jobs in Australia.

The issue was also raised with Chinese Premier Li Keqiang during Turnbull’s recent trip.

The prime minister said the steel glut was impacting on steelmakers in the US as well as Australia.

“We discussed the position in Whyalla as a very highlighted example of the challenges that we’re facing through these very low steel prices,” Turnbull told reporters in Melbourne today.

“The president and I have agreed that Australia and the US will intensify our collaboration to ensure that the overproduction of steel is addressed.”

China had already committed to reducing its steel production by 150 million tonnes a year.

“It is important that the viability of steelmakers in our country, and in the US and other nations, is preserved and not undermined by the exporting or the dumping of very cheap steel made in places where it is being produced at way below the real cost,” Turnbull said.

The two leaders also discussed the fight against Islamic State and the maritime dispute in the South China Sea.

Obama told the prime minister he was confident the Trans-Pacific Partnership trade deal could be ratified by Congress by the end of the year.

And the president thanked Australia for its Paris climate summit commitments with both leaders pledging to work with each other to meet the new targets.

AAP

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