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

1. Participants in the meeting

As participants, the meeting brought together Ministers and senior industry representatives of 30 major steel producer countries and regions, including Japan, the European Union (co-chair), the ROK (co-chair), the United States, Brazil, Russia and Turkey, as well as representatives of the secretariat of OECD and stakeholders of industrial players and other organizations.
 

2. Major discussions at the meeting

• Participants confirmed that even before the outbreak of the novel coronavirus disease (COVID-19), steel markets were facing a significant economic challenge, and although the gap between production capacity and demand had been decreasing from 2016 to 2019, overcapacity remained structurally high and the gap started to increase again in 2019.

• They shared the recognition that the importance of measures for addressing the issue of steel excess capacity is growing backed by a dramatic decrease in steel demand along with expansion of COVID-19.

• As a multilateral effort open to all G20 members and interested OECD members, they agreed to continue the Global Forum’s efforts to cope with steel excess capacity.

3. Outcome documents

• Ministerial Statement
• 2020 GFSEC Ministerial Report

Division in Charge

Metal Industries Division, Manufacturing Industries Bureau