Global Forum Calls for Action on Excess Steel Capacity

The Global Forum on Steel Excess Capacity has called for renewed action to address excess steel capacity during a time of economic crisis. The forum offered its analysis and recommendations in its 2020 GFSEC Ministerial Report.

“The pandemic has led the world economy into its worst downturn in decades,” said Valdis Dombrovskis, executive vice-president if GSFEC and co-chair of the Oct. 26 meeting. “Economic sectors have come to a standstill, labor markets have deteriorated sharply, supply chains have been disrupted and financial markets have come under stress. The crisis has also led to the steepest decline in steel demand since the global financial crisis of 2008-09 and could potentially last longer than what was experienced during the previous crisis.