Major steel makers discussed global overcapacity problem at OECD

Major steel makers discussed global overcapacity problem at OECD

During the OECD meetings held on May 12-13, 2003 major steel producing countries discussed possible ways to adjust their steel making capacity to solve the global oversupply problem. Chinese representatives were not present during these two day meetings, however are expected to take part in this week's gatherings to discuss the elimination of state subsidies. Major steel producing governments except for China have decided to set up a panel and review each of the participating countries capacity projections, in order to adjust same more closely with the market conditions. The participating countries in such peer review are Japan, EU, Ukraine, Brazil, India, Taiwan, Russia, USA and South Korea. A total quantity of production to be eliminated until 2005 will be set during the meetings currently being held.