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- 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 9, 2024
On October 8, 2024, a Ministerial Meeting of the Global Forum on Steel Excess Capacity (GFSEC) was held via video conference, and Mr. Matsuo Takehiro, Vice-Minister for International Affairs, attended the meeting as a representative of Japan.
At the meeting, participants confirmed the facts that the deterioration of global steel excess capacity is a serious threat to the long-term healthy development of the steel industry and that it is important for GFSEC member countries to cooperate internationally in addressing this challenge. In addition, they adopted a ministerial statement that includes the enhancement of international cooperation and the advancement of efforts for increasing the number of member countries.
1. Participants in the meeting
The meeting brought together ministers and senior industry representatives of 26 major steel-producing countries and regions, including Japan, the United Kingdom (chair), the United States, Germany, Australia, and Switzerland, and additionally those of Thailand, Ukraine, and Malaysia, which are non-GFSEC member countries, and representatives of the secretariat of the OECD and industry actors.
2. Major discussions at the meeting
At the meeting, participants held discussions as below:
- An increase in global excess capacity is once again being seen, and such excess capacity is being fueled particularly by the non-market policies and practices of certain countries. This is a threat to the development of the steel industry in member countries and raises concerns about negative impacts on investment in technology necessary to dramatically decrease carbon emissions toward decarbonization in steel companies.- The forum should place importance on discussing specific approaches through which member countries can jointly address the underlying causes and consequences of the excess capacity.
- To this end, member and non-member countries should strive to make appropriate efforts, and it is important that all steel-producing and consuming-countries that share the same concerns work together with the GFSEC to jointly formulate effective measures.
Related Material
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Metal Industries Division, Manufacturing Industries Bureau
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