China vows to reduce its steel output after crisis meeting, Javid says

 
Jessica Morris
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China denounced blaming it for global steel woes as a "lame and lazy excuse for protectionism" (Source: Getty)

China vowed to reduce its steel output after attending a crisis meeting in Brussels, business secretary Sajid Javid said today.

Delegates from around 30 countries came together at the OECD-organised gathering to talk about the global steel glut.

Read more: Javid flies to Brussels for summit on global oversupply

Speaking after the meeting, Javid said: "[China has] absolutely recognised that it is a problem of overcapacity in their country. They're committing to do something about it and I think that's a very positive step forward."

However, he recognised that a solution would not be found overnight, adding "the discussion today with all these countries coming together is something that we pushed for and ... will help make the difference."

Gareth Stace, director of UK Steel, hit back saying that countries appear no closer to putting in place solutions to stem the oversupply.

"This is a global problem which requires a global solution to remove current over-capacity and time is a luxury we don’t have. In Europe we have already been through very painful restructuring and must now look to others, including China, to take the same radical action," he said.

Read more: Foreign Secretary Philip Hammond urges China to curb steel production

China's official news agency wrote an editorial earlier today which denounced blaming it for strife in the global steel industry as a "lame and lazy excuse for protectionism".

Xinhua said: "Blaming other countries is always an easy, sure-fire way for politicians to whip up a storm over domestic economic woes, but finger-pointing and protectionism are counter-productive. The last thing the world needs is a trade war over this issue. Far more jobs will be lost than gained if protectionism prevails."

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