OREANDA-NEWS. October 18, 2016. Understatements can be jarring in a place like Dubai, where little is left to the imagination when it comes to wealth and statements of status are a way of life.

Maybe that’s why one statement in particular stood out last week during the World Steel Association’s annual meeting in the United Arab Emirates’ most populous city.

When commenting on the flurry of steel trade cases filed around the globe this year, worldsteel Director General Edwin Basson referred to it simply as “a period of trade tension at the moment.”

No one could blame the head of an organization that represents the world’s largest steelmakers for wanting to keep the peace, downplaying the fact that government agencies from America to Asia have been working overtime to keep up with the steady flow of recent steel-related trade complaints.

But top executives of worldsteel member companies in attendance assessed the situation more bluntly, peppering their statements with words like “cheating” and “protectionism” and “building walls.”

Arguably, no country has seen as much recent activity on the trade case front as the US. And the plaintiffs are unapologetic regarding their success.

“Have we seen benefits from it? Certainly,” Nucor CEO John Ferriola told S&P Global Platts during the meeting. “The flat-rolled sheet cases – hot-band, cold-rolled and galvanized – have been successful, and we’ve seen a reduction in the import of subsidized products in those areas. And we’re pursuing trade cases now on plate, rebar is coming up again – we hope to have the same kind of results there.”

Ferriola said “the fact that so many cases are being filed and that they’re being so successfully prosecuted is testimony to just how blatant the cheating has become.”

“It’s about time we’re taking action,” he said. “We have laws in place. When people break them, they need to be held accountable for breaking the law.”

Ferriola, the new chairman of worldsteel, is quick to point out that he’s not against free trade – quite the contrary. But trade also needs to be fair for it work for everyone, he said.

T.V. Narendran, managing director of Tata Steel Ltd. and head of worldsteel’s economic committee, said duties have been stepped up in India recently to protect investments made by the country’s steel companies.

Narendran said “18 months ago there were barely any import duties. Last 18 months has been quite different, and hence, there have been some reactions.”

Those reactions are a consequence India’s industry is willing to deal with, though. “Industry that has invested, you don’t want to see them suffer because of unfair trade,” Narendran said.

China is the favorite boogeyman for many on the trade front. And while there were a number of delegates representing Chinese steel interests in Dubai, they remained mostly out of the discussion during the worldsteel meeting.

China Iron & Steel Association Secretary General Liu Zhen Jiang, when addressing the topic of overcapacity, did say he believed China had made “great efforts in that regard” and that “some sides have spoken a lot, but done little.” He added: “It’s a pity for us to see so much talk from some about reducing overcapacity when they have done nothing.”

Voestalpine AG CEO Wolfgang Eder said a proposed free trade agreement between Europe and the US would be a positive move. “We can’t talk about a globalized world and neglect that free trade is the only way forward for a peaceful, joyful future,” Eder said. “We can’t go back to protectionism and building up borders.”

His sentiments were echoed by Emirates Steel CEO Saeed Ghumran Al Remeithi, who said the UAE – like its steel industry – has thrived in recent years due to its openness, not by closing itself off from the world. The UAE’s population of more than 9.2 million is comprised of people from more than 200 countries, he said, and it welcomes immigrants and foreign investment “unlike certain countries that are building walls to keep people out.”

It’s probably an understatement to say building bridges to trade, not barriers, is essential at a time when global economies have become more entwined than ever. As the current dialogue becomes more exaggerated, though, that’s seemingly being lost in the shuffle.