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MIL OSI Translation. Region: Germany / Deutschland –

Source: Federal Ministry for Economic Affairs and Energy

10/26/2020 – Press release – Competition Policy

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The fourth ministerial meeting of the Global Forum on Steel Excess Capacity will take place via video conference today, chaired by the Vice-President of the European Commission, Valdis Dombrovskis. The aim of the forum is to find a solution to the problem of global overcapacities on the steel market. The Parliamentary State Secretary at the Federal Minister for Economic Affairs and Energy, Elisabeth Winkelmeier-Becker, is taking part on behalf of the Federal Ministry of Economics. Parliamentary State Secretary Winkelmeier-Becker in the run-up to the meeting: “Global overcapacities in the steel market are one of the main causes of the current crisis in the industry. The global overcapacities can only be reduced if there is a consensus among the steel-producing countries. In this respect, multilateral approaches such as that of the Global Forum are indispensable and, as the Federal Government, we continue to strongly support the work of the Global Forum. We have come a long way since 2017, when the global steel forum was founded under the German G20 presidency, and have created a high degree of transparency and trust between the members. But there is still a long way to go to eliminate the main cause of global overcapacity, the market-distorting subsidies. For this we need joint action on a multilateral level. ”Together, the participants want to send an appeal to the heads of state and government of the G20 to return the problem of global production overcapacities to the G20 agenda and to quickly implement the measures that have already been decided to reduce market-distorting subsidies.

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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