High-Level Symposium on Excess Capacity and Structural Adjustment in the Steel Sector, Brussels, 18 April 2016

Author (Corporate)
Publication Date 18/04/2016
Content Type

Excess Capacity was seen as one of the most significant challenges facing the global steel industry in 2016.
In view of the significant and growing excess capacity that existed in the global steel industry, the OECD Steel Committee took action to address the issue.

The OECD and the Belgian authorities organised a High-Level Symposium on Excess Capacity and Structural Adjustment in the Steel Sector, which took place 18 April 2016 in Brussels. at the Palais d’Egmont in Brussels.

The meeting brought together Ministers, Vice-Ministers and other high-level government officials in charge of steel-related industrial and trade policies. The overarching focus of the High-Level Symposium was on promoting structural adjustment in the steel industry and reducing excess capacity by removing distortionary government policies and through industry restructuring.

An important long-term goal was to improve the economic viability of the global steel industry and help reduce trade frictions amongst trading partners.

The deliverables of the High-Level Symposium included a statement highlighting key policy goals as well as possible venues for follow-up activities by the Steel Committee to raise transparency of progress made to address excess capacity.

The Symposium included open sessions involving all steel industry stakeholders, such as representatives from industry, academia, labour unions and civil society, to allow interested parties to contribute to the discussions.

Three background papers were prepared:

+ No.1: Latest Global Steel Market Developments
+ No.2: Capacity Developments in the World Steel Industry
+ No.3: Trade and Trade Policy Developments

News sources reported after the event that there was no breakthrough at the talks to reduce steel over-production. The Chinese state news agency said it was 'lame and lazy' to blame China for the problem. China blamed terrorism and the economic slowdown for the global steel crisis.

Source Link http://www.oecd.org/sti/ind/steel-excess-capacity-structural-adjustment.htm
Related Links
Website: OECD iLibrary http://www.oecd-ilibrary.org/
ESO: Background information: EurActiv: Special Report: Saving European steel, April 2016 http://www.europeansources.info/record/special-report-saving-european-steel/
OECD: Directorate for Science, Technology and Industry: Industry and Globalisation: Steel http://www.oecd.org/sti/ind/steel.htm
Website: European Confederation of Iron and Steel Industries (EUROFER) http://www.eurofer.org/
ESO: Background information: Steel industry: Commission takes action to preserve sustainable jobs and growth in Europe http://www.europeansources.info/record/press-release-steel-industry-commission-takes-action-to-preserve-sustainable-jobs-and-growth-in-europe/
The Guardian, 18.04.16: Brussels steel summit to seek solutions to crisis http://www.theguardian.com/business/2016/apr/18/brussels-steel-summit-to-seek-solutions-to-crisis-sajid-javid
BBC News, 18.04.16: China commits to cutting steel production, says Javid http://www.bbc.co.uk/news/business-36073140
The Guardian, 18.04.16: Brussels steel summit fails to find answer to oversupply problem http://www.theguardian.com/business/2016/apr/18/brussels-steel-summit-fails-find-answer-oversupply-problem
Website: UK Steel http://www.eef.org.uk/uksteel/default.htm
EurActiv, 19.04.16: China blames terrorism, economic slowdown for the steel crisis http://www.euractiv.com/section/innovation-industry/news/china-blames-terrorism-economic-slowdown-for-the-steel-crisis/
EUObserver, 19.04.16: EU, US and China fail to agree on steel production https://euobserver.com/economic/133107

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Record URL https://www.europeansources.info/record/?p=493854