May 16, 2017 / 1:56 PM / 7 months ago

G20 must tackle distortions on global steel markets - German minister

BERLIN (Reuters) - The world’s 20 biggest economies must jointly tackle the causes of imbalances on global steel markets, German Economy Minister Brigitte Zypries told Reuters on Tuesday, adding she had addressed the issue also in talks with Chinese counterparts.

A worker checks steel wires at a warehouse in Dalian, Liaoning province, China May 15, 2017. REUTERS/Stringer

“We must work together on the causes of market distortions and we can only do so at the G20 level,” Zypries said. “That is why it is important to us that we tackle the issue together during our German G20 Presidency.”

Zypries said she had addressed the issue of overcapacity in China and the imbalance it creates on global steel markets in talks with Chinese counterparts during her trip to Beijing.

“China’s capacity surplus is estimated to be around 350 million tonnes,” Zypries said. “My line is clear: As an export-oriented economy, Germany needs fair access to international markets and fair conditions.”

Reporting by Gernot Heller,; Writing by Michael Nienaber,; editing by Joseph Nasr

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