Thank you.
The short answer is that trade remedy and trade actions do remain a significant factor in this business, both in Canada and in other countries. It is the case that within Canada there has been less action of that nature than in, for example, the United States, but there continue to be trade actions brought against countervailing and anti-dumping cases. We just completed this past summer, for example, a review of the hot rolled steel. The review was undertaken by the Canadian International Trade Tribunal, which in this case found in favour of the Canadian companies. It found potential injury and maintained the order.
There are both short- and long-term issues. There are the immediate markets with the pressures from some countries and they continue to be found, either in Canada or other jurisdictions, to be in violation of the trade laws. The long-term issue is the one I referenced in my opening remark, which is this tremendous buildup in global capacity.
China this year will produce over 400 million tonnes of steel and it will have excess capacity of 40 to 50 million tonnes perhaps, probably larger at some point. Again, by comparison, our total production is 15 or 16 million tonnes. It's a growing concern to countries generally that we're on this surge, not just with China but with India and some other emerging economies that are rapidly building capacity at a faster rate than they need. That extra steel always, of course, ends up on the global markets. There is concern certainly continuous in the short term, but there is also the concern that over the long term this capacity buildup will just create more trade pressure.