Belgium, Brussels: Representatives from around 30 countries including China, Japan, Germany, India, the U.K. and the U.S. met with World Trade Organization, World Steel Association, and Organization for Economic Cooperation and Development (OECD) representatives in Brussels to seek possible solutions to the huge overcapacity that fuels the steel crisis.

Steel world met in Brussels to address overcapacity

Belgium, Brussels: Representatives from around 30 countries including China, Japan, Germany, India, the U.K. and the U.S. met with World Trade Organization, World Steel Association, and Organization for Economic Cooperation and Development (OECD) representatives in Brussels to seek possible solutions to the huge overcapacity that fuels the steel crisis.

The main objective of the meeting, which was organized by OECD, was to exchange views on the policy actions that would help reduce steel excess capacity, and to strengthen efforts to increase transparency through information sharing about measures taken to address excess capacity and promote structural adjustment in the steel industry.

The meeting stressed the importance of the steel industry to national economies and in maintaining a high value supply chain, OECD said in a summary of the meeting.

Many delegates noted the important role of market-based restructuring without government interventions and subsidies that distort markets, and mechanisms to enhance information exchange.

A follow-up high-level discussion will be held in September 2016, to which all important steel-producing economies would be invited.

A number of participants suggested the possibility to discuss the establishment of a platform for global dialogue and information sharing on global capacity developments and on policies and support measures taken by governments.

Source: OECD