Posted on 29 Oct 2020
India and Saudi Arabia have joined China in exiting the Global Forum on Steel Excess Capacity (GFSEC).
When it was created back in 2016 the GFSEC grouped over 30 countries, representing some 90% of global steel output. China left the group in 2019. Now, with the latest decision by India and Saudi Arabia, the countries involved in the GFSEC are down to 29 and they represent firmly less than half of global crude steel production, Kallanish notes.
This week the GFSEC together with the European Union called upon G20 leaders to address the massive global excess capacity in steel production. The statement came ahead of the G20 summit expected for 20-21 November.
Source:Kallanish
