Over 30 senior officials of the G20 Global Forum on Steel Excess Capacity are meeting on Thursday in Paris to discuss collective solutions to the global challenges faced by the steel industry.
Over the course of the meeting, which will be held at the headquarters of the Organization for Economic Cooperation and Development (OECD), in Paris, ministers and senior officials from G20 and OECD countries will look to address steel excess capacity in global markets, increasing information sharing and cooperation, and implementing effective measures to comply with the forum’s recommendations adopted under the German G20 presidency.
Taking place immediately after the working group meeting on Wednesday 19 September, the ministerial meeting will consider the progress made at the working group meetings in March and June, with a view to gradually removing subsidies and other forms of government support that distort the market.
Steel is a vital raw material used in almost all industrial and construction sectors. Steel excess capacity is a challenge for manufacturers from both developed and developing countries. The G20 seeks to create collective actions to address this issue.
The Global Forum on Steel Excess Capacity was created after recommendations at the 2016 G20 Leaders’ Summit in Hangzhou, China, and was formally established in Berlin, Germany, on 16 December 2016. The forum has met twice this year, in Paris, France, on 7 and 8 March, and in Buenos Aires on 4 and 5 June.
The forum’s progress report will be submitted for consideration by heads of State at the G20 Leaders’ Summit in Buenos Aires on 30 November and 1 December. – TradeArabia News Service