World steel chief calls Chinese glut 'serious and critical'

The global steel industry is reeling amid a plunge in steel prices, a flood of low-priced imports from China and other countries, and a collapse in investment in pipes for oil drilling as a result of tumbling crude prices.

USA Today economics reporter Paul Davidson spoke about these challenges with Wolfgang Eder, chairman of the World Steel Association and CEO of Austrian steel giant Voestalpine.

 The company has 46,000 employees worldwide and 2,500 workers and nearly two dozen factories in the U.S..