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I DA U N I V E R S A L S e p te m b e r - O c to b e r 2 0 1 6 41 Hitachi Construction Machinery (HCM) has announced a decrease in its revenues for the fi rst quarter of the fi scal year (April 1 to June30), revealing a 9 percent fall to JPY 161.3 billion (US$ 1.53 billion). e company said that, in Japan, demand for construction machinery decreased year-on-year, with revenues falling 3.3 percent. In the Americas, revenue fell 24.2 percent year-on-year. ere were also decreases in Russia-CIS, Africa, and the Middle East (12.2 percent), China (17 percent), and Asia and Oceania (8.9 percent). In Europe, however, revenues grew 7.4 percent year-on-year during the fi rst quarter of the fi scal year, due to a demand in construc- tion machinery. HCM also recorded an operating profi t of JPY 3.6 billion (US$ 34.74 million), which is a decrease of 25.9 percent from the same period a year ago. HCM said that, in light of its results, it was working on the establish- ment of a global management support scheme, expansion of its market share, cost reduction for securing profi t, and a business/structural reform to improve its business effi ciency and infrastructure model. ● www.khl.com 7/16 TRENDS AND TIDBITS continued from page 39 Trends continued on page 51 e world's top econo- mies will work to tackle excess production capacity in steel and some other indus- tries, including government subsidies that have distorted markets, G20 fi nance offi cials said on Saturday. In a dra statement obtained by Reuters, the G20 fi nance ministers and central bank governors meeting in China's southwestern city of Chengdu said that excess capacity problems, "exacer- bated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers." e document, which is still subject to change until a fi nal version, adopted the same language agreed by G20 trade ministers on July 10. Excess capacity in the steel industry has been a hot-button issue for many G20 countries this year amid a slowdown in G20 Offi cials Vow to Tackle Steel, Industrial Overcapacity e U.S. may be able to address its concerns about Chinese steel production at the G20 summit. global demand that has led to a steel glut, layoff s and idled mills. Offi cials from the United States and other countries have accused China, which produces over half the world's steel, for keeping too many steel plants afl oat with subsi- dies and other government support and allowing excess production to be dumped onto world markets. e U.S. Commerce Department has imposed he y anti-dumping and anti-subsidy duties against a number of Chinese steel products in recent months, in some cases more than 250 percent of the selling price. On ursday, it levied duties of up to 25.6 percent on imports of cold- rolled fl at steel used in cars and appliances from Britain, Russia, India, Brazil and South Korea. G20 fi nance communiques in February and April made no mention of the problem. e statement does not single out China or any other country. "We recognize that excess capacity in steel and other industries is a global issue which requires collective responses," the group said in its dra . "We also recognize that subsidies and other types of support from governments or government-sponsored institutions can cause market distortions and contribute to global excess capacity and therefore require attention." e G20 will commit to enhance communication and cooperation on the issue and "take eff ective steps to address the challenges so as to enhance market function and encourage adjustment." e G20 steel-making economies will participate in a steel forum sponsored by the OECD in September and discuss the feasibility of forming a global forum on overcapacity. ● fortune.com 7/16 Hitachi's Revenues Decrease