OECD Steel Committee concerned about excess capacity in steel sector

Steel industry

(Karan Bhatia, Unsplash)

This article is brought to you in association with OECD.


Low growth prospects for the global economy, slowing demand for steel and virtually unchanged steelmaking capacity are driving severe and persistent excess capacity in the steel sector, the OECD Steel Committee said at the end of its meeting this week. The Committee reiterated the need for capacity reductions in relevant economies and for the removal of subsidies and other support measures that are distorting steel markets.

The Committee said that if planned new steel plants, some in regions where excess capacity is already prevalent, become operational, global steelmaking capacity could increase by 4-5% between 2019 and 2021. It called for the G20-led Global Forum on Steel Excess Capacity to swiftly implement agreed policy actions to eliminate excess capacity and market-distorting support measures, and expressed support for the continuation of the Forum’s work.

The Committee also discussed recent trade measures affecting steel and steelmaking raw materials, with several delegations expressing concern about the impact of certain trade measures on steel trade flows, as well as the effect of these measures in prompting trade measures in other jurisdictions.

>> Read the full statement from Jai Motwane, Vice Chairman of the OECD Steel Committee.

The OECD Steel Committee has 25 members (Austria, Belgium, Canada, the Czech Republic, Finland, France, Germany, Hungary, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the UK, the US and the EU).

In addition, four associates (Brazil, Romania, Russia and Ukraine) and seven participants (Argentina, Bulgaria, Egypt, India, Malaysia, South Africa and Chinese Taipei) bring their perspectives to the Committee’s work. A number of other economies also participate in some Steel Committee meetings as invitees.

OECD Steel Committee members, associates and participants account for around 45% of global production and 75% of global exports of steel.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Chart of the day: This is what violence does to a nation’s GDP

Is the ECB ready to flood Eurozone with freshly printed money?

Nearly half a billion people can’t find decent work; unemployment set to rise: new UN labour report

G20 LIVE: G20 Antalya Summit in Numbers, 15-16 November 2015

Livelihoods of millions in East and Southeast Asia at risk from Swine Fever epidemic

First Western Sahara talks at UN in six years, begin in Geneva

How a 3-point plan could help rebuild business for the long-term

Booking.com commits to align practices presenting offers and prices with EU law following EU action

Mali not fulfilling its ‘sovereign role’ in protecting its people: UN human rights expert

Eurozone dignitaries play with people’s life savings

Yemen blast kills 14 children, leaves others fighting for their lives in Sana’a

A Europe that protects: EU customs seized over 31 million fake goods at EU borders in 2017

Alarming number of Ebola deaths in DRC a ‘rallying cry’ to scale up treatment

RescEU: MEPs vote to upgrade EU civil protection capacity

International World Summit Award calls for outstanding digital applications with impact on society from 178 UN member states

The financial crisis always prefers the south of Eurozone

Emergency meeting called as Ebola spreads to Congolese city – UN health agency

After Brexit and Grexit, Brussels to deal with Poloust

Internet Forum: Prioritize technologies most needed for sustainable development

Islamophobia is driving more US Muslims to become politically engaged, suggests report

EU legislation protecting home buyers approved in Parliament

Partnerships key to taking landlocked countries out of poverty: UN Chief

Reintegrating former rebels into civilian life a ‘serious concern’ in Colombia: UN Mission chief

10 things you – and your government – should know about competitiveness in the Fourth Industrial Revolution

How to create a world where healthcare is a right, not a luxury

EU allocates over €22 million to help Palestinians in need

Restoring government control across Central African Republic is ‘key’ to lasting peace, stability – UN envoy

Do the EU policies on agro-food smell?

EU and U.S. castigate Facebook on Cambridge Analytica scandal as citizens’ data privacy goes down the drain again

UN chief condemns deadly terrorist attack on church in southern Philippines

First-ever UN report on disability and development, illustrates inclusion gaps

Venezuela: ‘A worrying destabilizing factor in the region’, Bachelet tells Human Rights Council

After globalization what? Europe’s long, straining shake-up post Davos wreckage

Europe turns out more jobs this summer

Nigeria: UN chief ‘appalled’ by killing of aid worker; calls for release of remaining hostages

FROM THE FIELD: Sailing a traditional and sustainable path in Fiji’s tropical waters

The Ecofin deceives the SMEs with the EIB €10bn capital increase

Thousands returning to Nigeria’s restive Borno state ‘at risk’; UN ‘gravely concerned’

Austerity lovers to put a break on Renzi’s growth vision for Europe? the Sting reports live from World Economic Forum 2015 in Davos

General Data Protection Regulation shows results, but work needs to continue

UN Mission, community leaders, condemn South Sudan violence which left two dead at camp

Service and sacrifice of African peacekeepers ‘at the forefront of our minds’: UN chief

Commission offers discount on fines to banks for competition infringements

‘Bicycle Kingdom’ makes a comeback, as China seeks solutions to tackle air pollution crisis

Coronavirus: following Commission’s call, platforms remove millions of misleading ads

Will the UK really have the highest coronavirus death toll in Europe, as a US study suggests?

Aidex: the Global Humanitarian and Development Aid Event

Here’s how blockchain could stop corrupt officials from stealing school lunches

Mediterranean and Black Seas: Commission proposes fishing opportunities for 2020

Mental health in the context of a pandemic: social distance

Macron leads EU-wide minimum wage call as Merkel, Medvedev warn of global injustice

Facebook/Cambridge Analytica: MEPs pursue personal data breaches probe

Opening – EP remembers Nelson Mandela and mourns attacks on Roma in Ukraine

Copyright: MEPs update rules for the digital age

Statistics show the ugly face of youth training schemes

After swallowing effortlessly the right to be forgotten time for Google Ads now to behave

New Zealand can improve well-being through better policymaking and reforms to housing and migration policy

G20 LIVE: “Re-envisioning the economy to enable women to reach their full potential” live from Antalya Turkey

Tunisia wants to change inheritance rules to boost gender equality

Commission statement on the European Remembrance Day for Victims of Terrorism

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s