THE INTERNATIONAL Iron and Steel Institute and the Steel Manufacturers Assn. have released important statements that accurately identify the key issues that must be resolved if we are to end the current steel-trade impasse.On July 18th, the world's leading steel companies, through the IISI, issued a common call to governments for a multilateral steel agreement. 'The companies are in agreement that the present financial problems of the industry result from excess capacity," IISI says. Particularly problematic is the excess capacity of "steel companies whose plants are no longer economic or competitive," IISI says. "The global steel industry is in a crisis today despite record crude-steel production of 844 million metric tons in the last year."
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