The Global Forum on Steel Excess Capacity (GFSEC), which was established last December, is convening for its fourth session today. Global overcapacities on the steel markets are high up on the agenda of the German G20 Presidency. The aim of the Global Forum is to address and remove the reasons for the current overcapacities.

On the occasion of today's session in the Federal Ministry for Economic Affairs and Energy, State Secretary Matthias Machnig said: "In Germany, the steel-producing sector with its close ties to other industries plays a key role for the whole economy. The Federal Government is therefore pushing hard for progress in the work of the Global Forum, also in the context of its G20 Presidency. Imbalances on the global markets which have a major impact on the European and the German steel industries must be dealt with in the context of international cooperation. This applies in particular to the issue of excess capacity in the steel sector. The Global Forum offers an appropriate platform for this exchange of views and dialogue."

In the context of the Global Forum, the G20 states work together with interested OECD countries. Today's session focuses on establishing a comprehensive exchange of information on capacity trends and political measures in the steel sector.