Belgium, Brussels: Following the meeting of high-level representatives from governments around the world, along with representatives from the global steel industry, held in Brussels on 18 April, the governments of Canada, the European Union, Japan, Mexico, the Republic of Korea, Switzerland, Turkey and the United States issued a significant statement noting two relevant issues.

China called on to join global discussions on overcapacity

Belgium, Brussels: Following the meeting of high-level representatives from governments around the world, along with representatives from the global steel industry, held in Brussels on 18 April, the governments of Canada, the European Union, Japan, Mexico, the Republic of Korea, Switzerland, Turkey and the United States issued a significant statement noting two relevant issues.

First, the statement stresses the need for an ongoing international dialogue on overcapacity; and, second, warns that “government support measures have contributed to significant excess capacity, unfair trade, and distortions in steel trade flows,” Eurofer states in a press release.

While steel producers from around the world welcomed this statement as an important step toward addressing the global steel excess capacity crisis, many in the industry also expressed concern that China – the nation which accounts for approximately half of the world’s steel capacity – did not join in the statement.

Ten steel industry associations, representing the U.S, Canada, Mexico, Latin America, Brazil, Europe, and Turkey issued their statement, urging the Chinese government to “constructively participate in future discussions at the OECD and elsewhere to address the global steel overcapacity crisis,” according to Eurofer.

Source: Eurofer