16 Steel Industry Groups Welcome GFSEC Efforts to Reduce Global Steel Excess Capacity

Release time：Nov 06, 2019 From：admin

Sixteen steel industry associations on five continents last week praised the agreement by a large majority of members of the Global Forum on Steel Excess Capacity to continue the Forum's work on the issue of steel excess capacity, and called upon the few dissenting members to reconsider their current position as quickly as possible. Their comments were made at the conclusion of working group and ministerial meetings of the GFSEC in Tokyo last week. The Group stated that "According to the latest OECD information, there are 440 million tonnes of steel excess capacity in the world today. This is an increase of 6.5% over last year. Governments of steelmaking economies worldwide must redouble their efforts to address this persistent global excess capacity in the steel sector, eliminating the support measures that cause it, and implementing strong rules and remedies that reduce excess capacity. We call on governments to continue the work on the issue of steel excess capacity without delay."

The Group concluded that “We appreciate the leadership of the Government of Japan in the past year to make meaningful progress in the Forum, and its conclusions as Chair. Recognizing the severe impacts that global steel overcapacity and market distorting policies in the steel sector around the world are continuing to have on our industry, we have urged the continuation of the work of the Forum to ensure its recommendations are turned into action. We are pleased that it is the will of a large majority of members to pursue meaningful efforts on the issue of steel excess capacity on the same basis as the work of the Forum over the past three years.”