SHANGHAI – Australian Prime Minister Anthony Albanese said on Monday he was committed to working with China to address global excess steel capacity during a meeting of business leaders from the two countries in Shanghai.
“As both countries cooperate to advance decarbonization, we also need to work together to address global excess steel capacity,” Mr. Albanese said in remarks at the beginning of the meeting.
“It is in both countries’ interest to ensure a sustainable and market-driven global steel sector.”
China’s robust steel exports, which have partly offset faltering home demand, have triggered complaints from a growing list of countries, which say the flood of cheap Chinese steel has hurt local manufacturers.
Albanese is currently on a three-city official visit to China, where regional security tensions and efforts to grow economic ties are likely to dominate talks.
He will next travel to Beijing for an annual leaders’ dialogue with Premier Li Qiang, and a company roundtable, and then head to the southwestern Chinese city of Chengdu. – Reuters
