"Global overcapacity in steel production can no longer be ignored. Foreign governments' intervention in steel markets has had a devastating impact on the U.S. industry"

This quote by Max Baucus is referring to the overproduction of steel in the worldwide market, which has actually been brought on by foreign federal governments intervening in steel markets. This intervention has had an unfavorable impact on the U.S. steel industry, as it has caused a reduction in demand for U.S. steel products. This has actually led to a reduction in profits for U.S. steel companies, and has triggered task losses in the market. The quote is emphasizing the need to address this issue, as it can no longer be neglected. It is important to do something about it to safeguard the U.S. steel market, and to guarantee that foreign federal governments are not able to manipulate the marketplace in a manner that harms U.S. businesses.