German steel industry: Time to eliminate global capacity overhangs is pressing

Hans Jürgen Kerkhoff, President of the German Steel Federation commented :"It is positive that, in spite of the current high level of trade conflict, a signal from the G20 summit in Buenos Aires is being given to implement the recommendations and commitments of the last ministerial meetings of the Global Steel Forum. But time is running out: the mandate of the forum expires in the coming year. Therefore, the time to the next summit in June in Japan must be used for the implementation of concrete political steps."

The current overcapacity in the global steel industry amounts to more than 500 million tonnes, according to OECD estimates. As a result of significant upheavals in the global steel market, G20 leaders established the 2016 Global Steel Forum. The goal is to launch concrete steps to eliminate global overcapacity. On 30 November 2017, the G20 ministers of economic affairs in Berlin had agreed on common political core principles for resolving the structural crisis.

Source: German Steel Federation, photo: fotoalia