First meeting for the Global Forum on Steel Excess Capacity

The Global Forum on Steel Excess Capacity met for the first time on December 16 in Berlin, at the Federal Ministry of Economics and Energy, chaired by the German G20 Presidency.

The formation of the Global Forum was agreed by the G20 leaders at the Hangzhou Summit in September 2016.
Bringing together more than 30 economies – all G20 members plus interested OECD members, the Forum has following objectives:
- To improve communication and cooperation between the steel producing countries.
- To develop concrete and efficient steps to strengthen market functions in the steel sector.
- To prepare a report in 2017 for the G20 ministers.

The German State Secretary Matthias Machnig, who is responsible for Industrial Policy at the Federal Ministry of Economics and Energy, declared: "We have taken a major step forward today. With the goodwill of all concerned, we will be able to find sustainable solutions for the steel industry. The global challenge of steel overcapacities can only be solved on a global level, and in this format we can tackle the problem at the roots".
Thomas J. Gibson, American Iron and Steel Institute president, said, “We are pleased that this important Global Forum began its work. The high levels of unfairly traded steel imports in the U.S., and the massive build-up in steel capacity in other countries that fuels it, are the most critical issues facing the steel industry today.”

Picture: Worldsteel ----

  More news from Expometals.net? Visit our News section >>>