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G20 to address global steel glut: statement

Xinhua, July 10, 2016 Adjust font size:

G20 steelmaking economies vowed to take effective steps to address global excess capacity, said a statement released Sunday after the G20 Trade Ministers Meeting.

These economies agreed to "discuss the feasibility of forming a Global Forum as a cooperative platform for dialogue and information sharing on global capacity developments and on policies and support measures taken by governments," said the statement.

They also agreed to participate in the OECD Steel Committee meeting scheduled from September 8 to 9.

"We recognize that excess capacity in steel and other industries is a global issue which requires collective responses," said the document, which is the first ever G20 trade ministers' statement.

The two-day meeting was chaired by Chinese Minister of Commerce Gao Hucheng in Shanghai. Endi