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U.S., steel-producing nations agree to slash production in market glut.

Publication: The Washington Times
Publication Date: 20-DEC-02 		Format: Online - approximately 779 words
Delivery: Immediate Online Access
Full Article Title: U.S., steel-producing nations agree to slash production in market glut.(BUSINESS)

Article Excerpt
Byline: Jeffrey Sparshott, THE WASHINGTON TIMES

Major steel-producing nations yesterday agreed to cut production in a move to help a struggling industry find profits and save jobs.

Steel makers in the United States and elsewhere have been hurt by low worldwide prices and competition from cheaper imports. The Bush administration has tried to save the mills by blocking some of those imports. But any long-term fix involves eliminating a worldwide steel glut, officials said.

The new agreement, which will requires extensive work on details in the coming year, focuses on eliminating government subsidies and will consider ways to shut down inefficient plants.

"What this represents is a political commitment made by the world's major steel-producing nations...

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