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. "China cannot meet its carbon reduction commitments without both eliminating energy subsidies and curtailing outdated, carbon-intensive production in the aluminum industry," said Brock. However, improper subsidies, including low-c​ost power, are at the same time supporting an expansion of production, leading to a severe overcapacity. The EU is also considering imposing tariffs on imports from China, which would hit German exports as well as those in other countries.
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. The EU is also considering imposing tariffs on imports from China, which would hit German exports as well as those in other countries.