Chinese Steel, Australian Ore: Albanese Flags Global Concern on Overcapacity

Asianet News English

Australian PM Anthony Albanese, speaking in Shanghai, highlighted how Australia’s iron ore powers China’s steel industry. He called for joint efforts to tackle global steel overcapacity, amid rising complaints over cheap Chinese steel exports. His visit to China also focuses on regional security and strengthening economic ties.

Transcript

00:00Ladies and gentlemen, it's my great pleasure to go and welcome you all.

00:18How are you going? Good to see you. Good to see you again.

00:22How are you going? Hi. How are you going? Good to see you.

00:26Thank you all for coming. You too.

00:32This is Mr. Leo Chairman. How are you going?

00:38Good to see you. Good to see you.

00:45Mr. Bo from Shokan.

00:47Mr. Bo from Shokan.

00:49Mr. Wong from Bauhausen.

00:50Hi. How are you?

00:52Mr. Cho from Shokan.

00:53Hi. How are you?

00:54Good to see you.

00:55Nice to meet you.

00:57Australia and China's iron ore and steel sector partnership has contributed to both countries' economic development for decades.

01:06Australian miners are reliable and stable suppliers of iron ore, responsible for almost 60% of China's iron ore imports.

01:18And that iron ore goes into Chinese steel production which accounts for over 50% of global supply.

01:25As both countries cooperate to advance decarbonisation we also need to work together to address global excess steel capacity.

01:35It is in both countries' interests to ensure a sustainable and market driven global steel sector.

01:42While government has an important role to play, we know it will be industry that drives the major developments to decarbonise the sector.

01:50The Australian government is committed to supporting these industry-led efforts.

01:55The Australian Davis- …

01:59Ladies and gentlemen, it is my great pleasure to go and welcoming you all.

02:14Happy to see you again.

02:17How are you going?

02:18Good to see you. Thank you all for coming.

02:48Hi, how are you?

02:50Nice to meet you.

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