Global steel excess capacity reached 640 million metric tons in 2025 & is projected to hit 745 million by 2028. China accounts for half of global capacity & exported a record 131 million metric tons in 2025. Chinese steel firms received fifteen times more subsidies than global peers in 2024. AISI rejects China’s position paper on overcapacity as fundamentally flawed. Section 232 tariffs support American steel competitiveness.