EUROPEAN STEEL INDUSTRIES

That this House is aware that currently 250,000 people are directly employed throughout Europe in steel production, with approximately a further eight million plus engaged in other related metal sectors; notes that until two years ago China imported large quantities of steel; however, today they report a 25 per cent. minimum over capacity in their steel manufacturing; recalls that until recently China gave export tax breaks to its steel producers, a financial benefit it has recently transferred to its exported finished products sector; and calls upon the Government to investigate why Chinese steel is today up to 30 per cent. cheaper than its European counterparts, yet largely unavailable in Europe, a situation which is leading many manufacturers in Europe to believe that imported finished products are likely to be the future order of the day.