WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) this afternoon reacted to the conclusion of discussions of Economic Track of the U.S.-China Strategic and Economic Dialogue (S&ED VIII), specifically about how the discussions pertain to steel:
Thomas J. Gibson, AISI president and CEO, said, “We appreciate the continued efforts of our government to engage China at the highest levels on the steel overcapacity issue and welcome the new commitments by Chinese leaders to adopt measures to strictly contain steel capacity expansion, reduce net steel capacity, eliminate outdated steel capacity, and dispose of ‘zombie enterprises’ through restructuring, bankruptcy and liquidation, as appropriate. China’s participation in further efforts to address global excess capacity at the OECD Steel Committee is also positive. But these commitments will only be meaningful if they lead to real results that produce a significant net reduction in excess steel capacity in China. We appreciate Secretary Lew’s commitment to keep the pressure on to ensure that progress is made in addressing this crisis.”
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AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 19 member companies, including integrated and electric furnace steelmakers, and approximately 120 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI's website at www.steel.org. Follow AISI on Facebook or Twitter (@AISISteel).