It would be hard to find anyone who disagrees that the European steel industry has excesscapacity, but there is little agreement on the amount, and how much of the excess isstructural and how much is cyclical. Solving the problem is also proving elusive. All too o??en those most to blame forovercapacity by retaining old, inefficient plants only capable of turning a profit in strongmarkets, either refuse to recognise their culpability, or if they do look to shut a plantfind such a decision economically unpalatable due to crippling social and clean‐up costs.
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