Global Forum on Steel Excess Capacity

European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis chaired today a ministerial videoconference meeting of the Global Forum on Steel Excess Capacity.

In a joint statement, the EU, together with 29 members of the Forum, called on G20 Leaders ahead of their meeting next month to step up joint efforts to address the overcapacity that harms EU steel producers.

Speaking on the occasion, the Executive Vice-President said: “In the midst of the COVID-19 crisis, our industries have been confronted with plummeting demand. This exacerbates the problem of global overcapacity. In these difficult circumstances, it is more important than ever to restore balance and ensure a level playing field in the global steel market. This is what this Forum sets out to achieve: only by working together can we eliminate subsidies and cut overcapacity. The European Union will continue working towards a sustainable solution that will put the EU steel sector back on track and I invite all partners concerned to join this multilateral effort.”

The members of the Forum also committed today to enhanced transparency and continued effort to monitor and address the global excess capacity. They called on China, India and Saudi Arabia to re-engage in the work of the Forum and reiterated that the platform remains open to all G20 and interested OECD members.

Source: einpresswire        Photo: Fotolia