China's "steel dumping" has antagonized Europe and the U.S., but a senior figure at one giant mining company preferred to encourage the country's still-high demand for metals and alloys rather than blame it for low prices.
The world's second-biggest economy is under fire for oversupplying the market with very cheap base metals, and steel in particular — a similar criticism to the one leveled at Saudi Arabia for maintaining high oil output despite the slump in crude prices.
The U.S. has hit China with massive dumping penalties of over 200 percent and the European Commission (the executive wing of the European Union) has launched an inquiry into Chinese subsidies for steel. This comes after India's Tata Steel decided to pull out of the U.K., indirectly threatening 40,000 jobs, according to the Institute for Public Policy Research.
However, the senior vice president of Russian mining giant Norilsk Nickel Group took a different line on the issue on Tuesday.