Global Forum on Excess Steel Capacity Launched
A group of G20 members and other steel producing countries representing 90 percent of global steel production launched the Global Forum on Excess Steel Capacity Dec. 16 in Berlin. Made up of over 30 steel producing countries and facilitated by the Organization for Economic Cooperation and Development Secretariat, the forum will seek to develop solutions that support market-driven principles in an effort to reduce excess capacity in the global steel market.
U.S. Commerce Secretary Penny Pritzker and U.S. Trade Representative Mike Froman indicated in a joint statement that the forum showcases the resolve of the U.S. and other steel producing countries to address the systemic issues causing the global steel crisis, which has had a negative impact on U.S. steel production and employment. The two officials encouraged the forum to move quickly to exchange information and take effective measures to address the root causes of excess capacity, including market distorting support measures. The forum will meet regularly, including this February, and will report annually to G20 ministers.