An abundance of global steel face hot issue when the leaders of the G20 met in China.
The meeting will show the problem of excess steel capacity, because it used to be criticized China, which shows the warning during a meeting of biggest economy country in the world for a month after the issue was increased at the G-7 discussions in Japan some time ago.
The statement from the G20 official announcement is not a final decision and can be changed before release. These data sources involved two officials who asked not to be identified because the negotiations are confidential matter. Copies of the statement to be made on Saturday morning has been seen by Bloomberg.
"We recognize that the structural problems, including excess capacity in some industries, exacerbated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers," said G20 leaders in a the official announcement quoted by Bloomberg, Sunday (04/09/2016).
The statement from the meeting in Hangzhou has been echoed since G20 meeting in July when the finance ministers showed concern for global growth. The meeting warned that growth will be lower than expected and warned step of protectionism in trade and investment. China recently discovered that it was deterring investment in the UK and Australia.
China has said that the issue of more steel caused by demand than offers. Chinese Vice Finance Minister Zhu Guangyao said trim excess capacity requires global action. Many acquisitions and cooperation on issues that will benefit the global economy. China also claims being the strongest economy country in the world whom taking action to reduce steel capacity.
The flood of Chinese steel has strengthened trade tensions with countries from Europe to India, and the US policy makers asked President Barack Obama to raise the issue with the host of the G20.
President Xi Jinping asked for 150 million metric tons, or about 13 percent of annual capacity to be cut in 2020 as part of the concern of the Communist Party to adjust excess industry capacity amid slowing growth in the base material. China is a manufacturer half of the world's steel.
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