Major steel nations fail to reach overcapacity deal

Reuters reports that China and other major steel-producing countries failed on Monday to agree measures to tackle a global steel crisis as the sides argued over the causes of overcapacity and whether Beijing is keeping loss-making producers afloat. A meeting of ministers and trade officials from over 30 countries, hosted by Belgium and the OECD, sought to tackle excess capacity, but concluded only that it had to be dealt with in a swift and structural way. The OECD said global steelmaking capacity was 2.37 billion tonnes in 2015, but declining production meant that only 67.5 percent of that was being used.