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Chairman's Comments

Concerning the Establishment of a Global Forum on Steel Excess Capacity

September 13,2016
Kosei Shindo
Chairman
    The Japan Iron and Steel Federation

 

We would like to take this opportunity to welcome the unified support reportedly expressed by the G20 members and interested OECD members concerning the issue of the establishment of a Global Forum on Steel Excess Capacity following the G20 Hangzhou Summit Leaders’ Communique on September 5. We hope that this forum would facilitate a constructive discussion regarding solving the excess capacity issue. We would also like to express our appreciation to the Japanese government who dedicated to deal with this issue.

Globally, steel production volume has remained high amid excess capacity, thus affecting the balance between supply and demand and deteriorating financial performance of the steel industry. Furthermore, we have seen an increasing number of protectionist measures around the world, creating an extremely serious situation.

We hope that the Global Forum on Steel Excess Capacity will lead to speedy and effective measures by enhancing communication and cooperation among the countries. Moreover, we hope to see this consensus would contribute to achieving sustainable progress in the global steel industry as well as a stable and orderly steel trade environment.

The Japan Iron and Steel Federation will continue to cooperate in every way possible, while maintaining a consistent stance with the Japanese government, with the aim of quickly resolving the global excess capacity issue.









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