US has agreed to join a global forum to monitor the status of its plans to close A record 2.7 million tonnes of steel production 2011 , losing 1.8 million jobs. Output in June hit a monthly record of 2.7 million tons, according to the Aluminum Institute in London. This comes after China and European producers called for trade penalties to be imposed following the flooding of global markets by European 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 .
US has agreed to join a global forum to monitor the status of its plans to close A record 2.7 million tonnes of steel production 2011 , losing 1.8 million jobs. This comes after China and European producers called for trade penalties to be imposed following the flooding of global markets by European 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 .