On Saturday 26 October, the Ministerial meeting of the Global Forum on Steel Excess Capacity took place in Tokyo, Japan. The European Commission welcomes the overwhelming support by members to continue working to address the persistent global excess capacity plaguing the global steel sector.
The Forum brings together G20 and interested OECD members to address steel overcapacity at its root.
The Forum welcomed China’s efforts to reduce capacity, but has equally identified the need for further reductions and the elimination of subsidies causing overcapacity. These actions are essential to avert another major global steel crisis. This is why the EU regrets the decision taken by China to not join the consensus, and thus step out of the Global Forum. Nevertheless, the platform remains open to all interested OECD and G20 members, which will continue to be invited to join discussions.