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    Government/Policy

    August 23, 2024

    Price on trade: China’s subsidies threaten 'harsh winter' for global steel industry 

    Written by Adam Teslik & Alan Price

    The chair of China’s Baowu Steel Group recently predicted a “harsh winter” for the Chinese industry as it faces a structural economic slowdown and a property market crisis. As steel industries elsewhere know all too well, China’s “harsh winters” have an unfortunate tendency to blow back on them. 

    The winds have been picking up for more than a year already. According to the US Commerce Department, China’s 2023 steel exports increased by 39% compared to 2022 volumes. In 2024, exports are on pace to exceed 100 million tons. This is causing flashbacks to the mid-2010s, when Chinese steel exports hit a record of 110 million metric tons and threw the global industry into crisis. 

    Adam Teslik

    Teslik represents clients at Wiley Rein in a variety of international trade matters including cases dealing with antidumping and countervailing duties/trade remedy, as well as cases concerning the World Trade Organization.

    Read more from Adam Teslik

    Alan Price

    Price has more than 30 years of experience representing clients in high-profile, complex international trade regulatory matters, including trade litigation involving public and government relations issues. In addition to being chair of the firm’s International Trade Practice, he heads the firm’s antidumping and countervailing duty practice. He also counsels clients on bilateral and multilateral agreements, trade legislation, customs regulation, Foreign Corrupt Practices Act (FCPA) compliance issues, escape clause investigations, and World Trade Organization (WTO) dispute resolution.

    Read more from Alan Price

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