China has agreed to join a global forum to monitor the status of its plans to close 45 million tonnes of aluminium production this year , losing 1 million jobs . This comes after US and European producers called for trade penalties to be imposed following the flooding of global markets by Chinese aluminium , causing prices to plummet by 40 % since 2011 and smelter closure throughout the US and Europe . However , improper subsidies , including low - c​ost power , are at the same time supporting an expansion of production , leading to a severe overcapacity . A record 2.7 million tonnes were produced in June .
China has agreed to join a global forum to monitor the status of its plans to close 45 million tonnes of steel production this year, losing 1.8 million jobs. This comes after US and European producers called for trade penalties to be imposed following the flooding of global markets by Chinese aluminium, causing prices to plummet by 40% since 2011 and smelter closures throughout the US and Europe. However, improper subsidies, including low-c​ost power, are at the same time supporting an expansion of production, leading to a severe overcapacity. A record 2.7 million tonnes were produced in June.