Following the ministerial meeting of the G20 Global Steel Forum, Hans Jürgen Kerkhoff, president of the German steel federation Wirtschaftsvereinigung Stahl (WV Stahl) said that the results of the meeting “are certainly disappointing” considering that market distorting subsidies have not been identified and no steps have been taken to eliminate them. He added that the Forum agreed on a joint report and to preserve the multilateral approach however the Forum is gradually running out of time.
The current overcapacity in the global steel industry amounts to more than 500 million mt according to OECD estimates.