State-owned steel mills distort market: DiMicco
Jun 19, 2013 | 03:48 PM
| Anne Riley
NEW YORK As much as 70 percent of todays 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 timedecadeshas been state-owned steel industries. Theyre not market driven; theyre 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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