State-owned steel mills distort market: DiMicco

Jun 19, 2013 | 03:48 PM | Anne Riley

Tags  Nucor, Daniel DiMicco, steel, China exports, steel overcapacity, Steel Success Strategies conference, SSS conference, Anne Riley

NEW YORK — As much as 70 percent of today’s global steel industry is owned by government entities, distorting the basic fundamentals of a market-driven economy and leading to massive structural oversupply on a worldwide scale, according to Nucor Corp. executive chairman Daniel R. DiMicco.

"One of the greatest banes of our industry for a long, long time—decades—has been state-owned steel industries. They’re not market driven; they’re politically driven. ... And politically driven translates to massive overcapacity," DiMicco said in a keynote address at the Steel Success Strategies XXVIII conference in New York, sponsored by AMM and World Steel Dynamics Inc., Englewood Cliffs, N.J.....

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