Due to the temporary economic stagnation in China that we are told has spread to much of the developed world, the construction industry is in decline, thus at the moment there is less of a demand for steel. China, that claims to have over-produced steel, has ‘dumped’ it on the other steel producing nations at a price no one else can match, thanks to State subsidies. This ‘under-cutting’ is by no means a new ploy. Providing one has the capital to sell off ‘stock’ at cost or at a loss, it is a way to destroy competition. Once competitors have folded for good, the steel dumpers then dramatically increase the price, which of course everyone else is then forced to pay. If the European Union imposed tariffs on Chinese steel instead of following a policy of ‘laissez-faire’ (non-interference), then steel foundries in Britain, Germany and France would not have closed! But wait a second! Since any economic downturn in the construction industry can only be temporary, why can’t EU foundries continue to over-produce, and stockpile steel too, after all, the price of iron ore has plummeted too? Car manufacturers have been doing this for decades…over-producing and stock-piling, which by the way has never resulted in the price of a vehicle plummeting!