Albanese and China Tackle Global Steel Challenges

Australian Prime Minister Anthony Albanese reaffirmed his commitment to addressing global steel overcapacity in collaboration with China during a conference with business leaders in Shanghai. 'As both countries cooperate to advance decarbonisation, we also need to work together to address global excess steel capacity,' Albanese stated.

The Prime Minister highlighted the mutual benefits of ensuring a sustainable and market-driven global steel sector. Concerns have been mounting internationally about China's significant steel exports, which have been compensating for weaker domestic demand but have drawn criticism for undermining local industries elsewhere.

Albanese is on a diplomatic tour of China, focusing on enhancing economic links and discussing regional security matters. His itinerary includes attending an annual leaders' dialogue in Beijing with Premier Li Qiang and a business roundtable before continuing to Chengdu.

(With inputs from agencies.)