US finance chief backs steel moves

US - US Treasury Secretary Paul O'Neill has rejected suggestions from Europe that America's push to protect the domestic steel industry is simply a matter of treating the symptoms of an overvalued dollar.

Speaking during a Middle Eastern tour, Mr O'Neill said the strength of the dollar and the plight of the steel business were separate issues.

"They just live in different worlds," said Mr O'Neill, a former head of US aluminium giant Alcoa.

"The fact that the steel industry now has had for a l

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