The European Commission, the United States, the G20 and the OECD welcomed the establishment of a new Global Forum on Steel Excess Capacity.
Designed to address overcapacity in the global steel industry, the Forum comprises the Group of 20 (G20) economies, as well as other members of the Organisation for Economic Cooperation and Development (OECD). It will report annually to the G20 ministers within its three-year, renewable mandate.
The Forum seeks to tackle the root causes of steel overcapacity. Its creation last week in Berlin responds to a call by the G20 leaders at the Hangzhou Summit in September 2016 to create such a body. Bringing together more than 30 economies in all – all G20 members plus interested OECD members – it is the first global platform on steel issues, and includes all the world’s major producers.
Its goals are ambitious. It recognises that subsidies and state support contribute to overcapacity and require attention. Members will exchange information and policies, and address overcapacity, by enhancing the role of the market and changing the structure of the industry.
The forum will be facilitated by the OECD and report to G20 ministers every year. Germany was chosen as Chair and China and the United States as Co-chairs of the Forum for 2017.< Return