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Lew raps China on excess steel production

China is the world's largest steel producer and accounts for half of global production, with its manufacturers pumping out hundreds of millions of tonnes more each year than they need domestically amid the economic slowdownUS Treasury Secretary Jack Lew called on China on Monday to cut excess capacity in sectors such as steel and aluminium, saying such overcapacity had a “distorting and damaging effect on global markets”. China is the world’s number one steelmaker, producing more than half of global output, and has been accused of flooding the world market with oversupply sold at below cost in violation of global trade rules.

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