Breaking News
0

Germany vows to press for quick action to cut steel overcapacity

CommoditiesJun 13, 2018 21:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Minister for Economic Affairs and Energy Peter Altmaier delivers a statement after the weekly cabinet meeting in Berlin

BERLIN (Reuters) - Germany will press for quick action by a global steel forum to reduce overcapacities in the world market, Economy Minister Peter Altmaier said on Wednesday, ahead of a June 20 meeting by the Global Forum on Excess Steel Capacity in Paris.

Altmaier said the European Union was currently discussing steel import quotas, in accordance with global trade rules, to prevent steel imports from other countries flooding the German and European markets as a result of new U.S. tariffs on steel and aluminium imports.

He said there was also a possibility that U.S. companies would apply for exemptions for their irreplaceable steel suppliers in Europe.

"As long as I am in political office, I will fight to ensure that the steel industry in Europe has fair chances and still has a home in Germany," Altmaier said at a steel industry event.

"In these difficult times, we must set lay the groundwork so they don't suffer from the unfair practices of others."

German steelmaker Thyssenkrupp (DE:TKAG) Steel Europe said more steel coming to Europe as a result of U.S. steel tariffs would have a more serious impact than the tariffs themselves.

The direct impact of the tariffs would be "painful, but manageable", Andreas Goss, CEO of Thyssenkrupp Steel Europe, said told the same event on Wednesday.

Germany vows to press for quick action to cut steel overcapacity
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email