Trade distortions breeding 'disaster': DiMicco
Jun 22, 2011 | 03:39 PM
| Anne Riley
NEW YORK Chinas refusal to participate in global trade on a level playing field is positioning the world economy for disaster, Nucor Corp. chairman and chief executive officer Daniel R. DiMicco said as he called for Chinese steelmakers to "get off the cocaine high" and "start playing by the rules."
"Unless we decide to compete on a global basiscountry to country, area of the world to area of worldand play by the rules, at some point in time there will be hell to pay and there will be an economic or financial disaster at bestand it could be worse," he said in his highlight address at the Steel Success Strategies XXVI conference in New York co-sponsored by AMM and World Steel Dynamics Inc.
Chinas "protectionist" practices of subsidization and state ownership might have had their place at the onset of Chinas industrial revolution, DiMicco said, but as the country comes into its own it needs to follow the same rules as other manufacturing hubs worldwide.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.