OECD meetings to ban steel subsidies have commenced

OECD meetings to ban steel subsidies have commenced

The Organisation for Economic Corporation and Development (OECD) meetings to be held on February 24-25 2003 are currently in progress. The meetings are held with the purpose of discussing details and possible solutions to eliminate the state subsidies that are harming the steel trading worldwide. During the last meeting held on December 18-19, 2002, thirty seven steel producing countries agreed upon the urgent need to prepare an agreement to reduce or eliminate all kinds of government subsidies causing injury to the trading of this commodity. An OECD working group will also review the progress attained so far in reducing the global overcapacity problem during the same meetings.