G7 leaders to discuss steel overcapacity crisis- White House adviser

Thu May 19, 2016 5:57pm EDT
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WASHINGTON May 19 (Reuters) - Leaders from the Group of Seven advanced economies will discuss actions to reduce global industrial overcapacity, with an emphasis on the current steel glut, when they meet in Japan next week, a senior White House aide said on Thursday.

Wally Adeyemo, deputy national security adviser for international economics, told a media conference call that the leaders would "discuss how to organize our shared approach" to influence countries responsible for excess capacity in base metals.

He mentioned the need to work with South Korea, Brazil and India, but did not single out China, which is the country most often cited as the source of excess steel and aluminum production that has been flooding markets and causing job cuts both in the G7 countries and worldwide.

"We know that this is a global problem that requires a global solution; we want to do a better job of coordinating with our international partners in the G7 and in other forums," Adeyemo said. (Reporting by David Lawder; Editing by Jonathan Oatis)