The Global Forum on Steel Excess Capacity completed its first meeting of 2018. The Argentine G20 presidency highlighted the progress achieved in the meeting.

The Global Forum on Steel Excess Capacity (GFSEC) successfully concluded its first meeting of 2018 in Paris, France. The aim of the forum is to address global excess capacity on steel markets by increasing information sharing and greater cooperation, and through the adoption of effective steps to address the challenges of excess capacity.

Representatives from G20 countries and partner international organizations met at the headquarters of the Organisation of Economic Co-operation & Development. It was the first meeting on this topic under the Argentine G20 presidency.

The officials worked for the swift and full application of the principles and recommendations adopted at the meeting in Berlin on 30 November 2017. From the G20, members made progress on exchanging and reviewing information, with a view to developing a consensus around the process and timeline for the removal of market distorting subsidies and other kinds of support by government or government-related entities.

Shunko Rojas, Argentina’s Undersecretary of Foreign Trade and Chair of the Global Forum, underlined the critical role that the mechanism can play and the need to achieve urgent progress: “Our leaders have outlined a very clear mandate for the Global Forum on Steel Excess Capacity. The forum presents an opportunity to reaffirm our commitment to the multilateral solutions to the issue of excess capacity in steel. It is time for transparency and, most of all, action. Nothing less than the full and timely implementation of our commitments will do.”

The Global Forum will meet on two more occasions this year: in June and September in Paris, to advance the application of agreed principles and recommendations and to develop a progress report to be submitted at the Leaders’ Summit on 30 November and 1 December in Buenos Aires.

Source: G20