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Global steel glut concerns raised in G-20 draft statement-The 18th China(Guangzhou)Int’l Metal &Metallurgy Exhibiti
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9/6/2016 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Bloomberg reported that the global steel glut is shaping up as a hot-button issue as leaders of the Group of 20 major economies meet in China, securing a mention in their communique. That would show that overcapacity in steel, for which China has come in for criticism, remains on the radar for the world’s biggest economies months after it was raised in the discussions at a G7 summit in Japan.
According to the communiqué, G20 leaders will say “We recognise that the structural problems, including excess capacity in some industries, exacerbated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers. We recognise that excess capacity in steel and other industries is a global issue which requires collective responses.”
The draft communique calls for the formation of a Global Forum on steel excess capacity, to be facilitated by the OECD. It says “We look forward to a progress report on the efforts of the Global Forum to the relevant G20 ministers in 2017.”
The wording of the G20 communique is not final and could be altered before its release.
The statement for the Hangzhou meeting echoes one from a July G20 gathering of finance ministers that expressed concern about the outlook for global growth. It warns that growth is still weaker than desirable and warns against a protectionist mood on trade and investment.
. -The
18th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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