Chinese steelmakers deny subsidies allegations
10 October 2007
Two of China's top steelmakers are denying allegations that the Chinese steel industry received US$52 billion in government subsidies, the Financial Times reported. The allegations were made by the American Iron and Steel Institute, the US steel industry's main trade body, in a report unveiled two months ago. The president of China's third-largest steel producer, Anshan Iron & Steel, said the report suffered from "flaws" in its methodology. The vice president of Wuhan Iron & Steel, the country's fifth-largest producer, said the report used the wrong data, and Chinese steel companies maintain that they do not get preferential treatment. The report says that China's steel industry has profited for a decade from central and local government subsidies, some of which would violate WTO rules.
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