U.S. Steel Corp and China in one of the world’s largest trade disputes
U.S Steel Corp is attempting to expose dozens of Chinese steel producers for allegedly breaking rules and it a wants the U.S International Trade Commission to investigate.
U.S. Steel mentioned that it would like regulators to remove any chinese steel products that are unfairly traded. They claim Chinese firms illegally conspire to fix pricing and regularly steal trade secrets.
U.S. Steel’s very own CEO Mario Longhi said “We have said that we will use every tool possible to fight for fair trading.”
China produces more steel in the world than the U.S. and European Union combined. As it stands, China is accused of dumping it’s unwanted metal on other markets and forcing rivals to close plants, which also kills jobs.
China’s response is that overcapacity is a worldwide problem and it’s due to weaker demand.