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ECONOMY > Trade

International conference on excess steel production to be terminated

  • October 27, 2019
  • , Yomiuri, Nikkei
  • JMH Summary

Sunday’s Nikkei and Yomiuri reported on the Global Forum on Steel Excess Capacity (GFSEC) ministerial conference held in Tokyo on Saturday, noting that the 33-member assembly for discussing excess capacity to produce steel will end this year due to China’s strong opposition to continuing the framework beyond 2020. Noting that the GFSEC was launched in 2016 first by G20 member states to work out a mechanism to prevent excess production of steel products, Nikkei expressed qualms that surplus production of steel may remain unchecked as a result of the abolition. Yomiuri added that the U.S., Japan, and the Europeans called for the continuation of the framework.    

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