OECD proposes new plan for steel subsidies

OECD proposes new plan for steel subsidies

The Organization for Economic Cooperation and Development (OECD) put forth a new plan to limit steel subsidies to 0.5% of the value of a plant's production. The OECD, which has been working for quite some time to eliminate steel subsidies, recently sent letters to major steel-producing countries. The OCED hoped to encourage the countries to resume talks aimed at reaching an agreement on steel subsidies. The new plan calls for subsidies to be used for research and development.