European Steel Day: More proactive and assertive industrial strategy needed to tackle challenges

From Business Europe: “Europe needs a more strategic approach on industrial policy”, said Markus J. Beyrer, BusinessEurope Director General, to an audience of more than 300 guests at the European Steel Day on 26 June 2019 in Brussels at the panel on “The state of EU industry: transition in an era of geopolitical, economic and environmental challenges”.  A clear message from the panel was that the growing trade tensions and subsidised global overcapacities put the steel sector under pressure. In reaction to this, Beyrer made clear that the way forward is to ensure that EU industry is strong enough to face foreign competition while restoring a level playing field. Therefore, the EU should focus on innovation and on defining rules to effectively address distorting state subsidies in the context of a reformed and effective World Trade Organisation (WTO). Reacting on the sometimes aggressive strategies based on unfair trade practices by the USA and China, Beyrer made clear: “Europe does not have to follow these models, but needs to be more proactive and more assertive to be competitive and tackle the upcoming challenges.”

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