This afternoon the Ministerial Meeting of the Global Forum on Steel Excess Capacity (GFSEC) took place – in a videoconference format – at the Italian Ministry of Foreign Affairs and International Cooperation. The Conference was the conclusive step of the Italian rotating Chairmanship of the Forum, which was supported by the United States of America and Japan, as Co-Chairs, and the OECD as Facilitator of the initiative.
The GFSEC was established in 2016, in the framework of the G20, with the aim of promoting cooperation and transparency among the major steel-producing Countries to mitigate the phenomenon of steel excess capacity and its impact on the world market.
“We need multilateralism more than ever to address urgently steel overcapacity”, stated the Italian Minister of Foreign Affairs and International Cooperation, Luigi Di Maio, in his opening speech. Minister Di Maio also expressed his wish that “non-participating steel producing Countries join the dialogue on steel policy”.
During the meeting, representatives of the Governments and business associations of the GFSEC membership expressed deep appreciation for the Forum’s work, addressed the need to avoid market-distorting measures, and discussed present and future challenges facing the global steel sector, such as transition to a green economy and new technologies as tools to reduce steelmaking excess capacity.
At the conclusion of the meeting, the Government delegations of 29 economies that are part of the membership endorsed the Ministerial Report for 2021 GFSEC activities.