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  5. Ministerial Meeting on the Global Forum on Steel Excess Capacity(GFSEC) Held

Ministerial Meeting on the Global Forum on Steel Excess Capacity(GFSEC) Held

October 26, 2019

On October 26(Sat.), 2019, the Ministry of Economy, Trade and Industry (METI) held a Ministerial meeting of the Global Forum on Steel Excess Capacity (GFSEC). At the meeting, Mr. KAJIYAMA Hiroshi, Minister of Economy, Trade and Industry, served as Chair, and Mr. MAKIHARA Hideki, State Minister of Economy, Trade and Industry, served as acting chair. A Chair’s Statement and a Chair’s Report were issued.

1. Outline

Date: October 26, 2019

Venue: Hotel Chinzanso Tokyo

Participants: 32 members, including Japan (Chair), Brazil (Co-Chair), Russia (Co-Chair), China, the European Union, India and the United States, as well as the OECD.

2. Overview of the discussions

The establishment of the GFSEC was agreed upon at the G20 Hangzhou summit meeting in 2016. At today’s meeting, all members reaffirmed their shared view of the importance of the steel industry for the global economy. There was also a broad convergence of views on acknowledging highly the activities of the Forum over the past three years.

A large majority of members expressed willingness to join the consensus around the draft Ministerial report including the next steps of the GFSEC, which, however, did not attract a full consensus in light of a view that the GFSEC has achieved its goals and should expire.

Japan, as the Chair, noted that a large majority of members have agreed to continue work on the issue of steel excess capacity on the current basis, and expressed the desire to see members continue to make individual and collective efforts in this regard.

3. Outcome documents

Division in Charge

Metal Industries Division, Manufacturing Industries Bureau