G20 leaders recognise steel overcapacity as a global issue; needs collective response

G-20 leaders, meeting in the Chinese city of Hangzhou, said they recognised that excess capacity in steel and other industries was a global issue that required a collective response, a press statement issued by the White House said after the summit ended.

“The G-20 called for the formation of a Global Forum to take steps to address steel excess capacity and encourage adjustments, and to report back to the G-20 in 2017,” the statement said.

Excess capacity is a global problem, and the Global Forum will provide an opportunity to help find a global solution. As the Forum prepares to launch, the United States will continue its efforts to address many of the trade-related challenges in the global steel industry, the statement added.

“This includes enforcing 160 anti-dumping and countervailing duty orders on steel and steel-related products, tracking U.S. and global steel trade flows, working to address evasion of anti-dumping and countervailing duties and upholding U.S. rights under trade agreements<’ the statement said.

 

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