German Steel Association: Global Steel Forum urgently needs to be renewed
by David Fleschen
At the G20 summit in Osaka, Japan, on June 28-29, 2019, the leaders of the leading economies could not agree to extend the mandate for the Global Steel Forum. The trade ministers of the G20 governments are now to discuss by autumn 2019 how the work of the forum can be continued.
Hans Jürgen Kerkhoff, President of the Wirtschaftsvereinigung Stahl commnts on this outcome:
"The summit results of Osaka are disappointing for the steel industry. There was an urgent need to extend the mandate for the Global Steel Forum by another three years. The problem of massive overcapacity remains unresolved in the global steel industry. In addition, the industry in Europe is facing growing protectionism worldwide. The door to continuing the work of the Forum has not yet closed, but the time is short: G20 governments must find a way at the level of trade ministers by autumn to continue working on solving structural problems in the global steel industry. "
Source: Wirtschaftsvereinigung Stahl, Photo: Fotolia