U.S. Rebuffs Forum Report on Steel Excess Capacity

The Global Forum on Steel Excess Capacity presented a report last week in Paris agreeing to reduce steel capacity wherever necessary, keep overcapacity from reoccurring in the future and eliminate subsidies and other market distortions that contribute to overcapacity.

“This sends a clear message: we will not repeat the costly mistakes of the past, and must tackle excess capacity and its root causes to avoid dire social, economic, trade and political consequences in the future,” said Jyrki Katainent, co-chair of the Paris ministerial meeting hosted by the G20. “This will protect growth and jobs in an efficient, sustainable EU steel industry. A lot of work lies ahead, though, and all members of the Global Forum will have to continue implementing their commitments resolutely and report to G20 leaders.”