The United States and seven other countries have called for urgent action to address global steel overcapacity, a day after major steel producing countries failed to agree on measures to tackle an industry crisis.

Representatives of the United States, Canada, the European Union, Japan, Mexico, South Korea, Switzerland and Turkey agreed that urgent steel industry restructuring was imperative, and must be market driven, according to a joint statement released by the US Department of Commerce. They also agreed that their governments should not provide…