October 4, 2021
On October 1 (Fri.), a Ministerial Meeting of the Global Forum on Steel Excess Capacity (GFSEC) was held via video conference, and Mr. Hirose Naoshi, Vice-Minister for International Affairs, attended the meeting as a representative of Japan.
Some sessions of the ministerial meeting brought together ministers and senior industry representatives from GFSEC member economies, and the participants discussed the continuing structural steel excess capacity and the importance of major steel producers' commitment to finding a solution.
1. Participants in the meeting
The meeting brought together ministers and senior industry representatives of major steel-producing countries and regions, including Japan (co-chair), Italy (co-chair), the United States (co-chair), the European Union, Russia, and the ROK, as well as representatives of the secretariat of the OECD, industry stakeholders, and other players.
2. Major discussions at the meeting
- The participants confirmed that more than a year after the COVID-19 crisis, the economic recovery is boosting steel demand, but structural imbalances persist, and investments in new capacity, including offshore investments, continue.
- Furthermore, they all recognized that the root causes of excess capacity have not been addressed, and as a key lesson learned from the past, if they continued to be left unaddressed during the upturn, then the industry could easily fall into further crises when steel demand begins to lose momentum.
- They agreed that commitment to GFSEC's efforts from major steel producers will help solve excess capacity, and that they welcome cooperation from G20 and all other non-member states.
3. Outcome document
Division in Charge
Metal Industries Division, Manufacturing Industries Bureau