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Canada to reduce excess steel production with G20 partners- The 19th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
12/13/2017 Sheetmetal machinery, Forging, Stamping expo |
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New Kerala reported that Canada''s world-class steel producers are important contributors to our economy and manufacturing supply chains. Global steel excess capacity has negatively impacted production, trade and workers in many economies, including Canada''s, and continues to do so. To address this problem, Canada is playing an active role in the 33-member G20 Global Forum on Steel Excess Capacity. The GFSEC, which represents 90% of global steel production and capacity, has agreed to information sharing on data related to steel production, capacity and policies taken at the central government level and to concrete policy solutions in the form of six principles.
The GFSEC released a report that details the solutions agreed to by all members to address this critical global problem.
Minister Bains congratulated Germany on its stewardship as Chair of the GFSEC and congratulated Co-Chairs China and the United States. He noted the importance of maintaining this momentum moving forward under the direction of the incoming G20 Chair, Argentina. Canada looks forward to productive sessions and continued collaboration and information sharing in 2018.
The Government of Canada will continue to work with its partners in the GFSEC to reduce excess capacity in the steel sector, to the benefit of Canadian steelworkers and the companies that they supply.
Mr Navdeep Bains, Minister of Innovation, Science and Economic Development said that "Canada appreciates the work of the Global Forum on Steel Excess Capacity and welcomes the policy solutions it recommends in order to encourage market function and reduce excess capacity in this sector. The report agreed to by Forum members is a testament to the collaborative efforts of G20 and other steel-producing member countries of the Global Forum to reduce the damaging effects of excess production on our respective economies."
Mr Francois-Philippe Champagne, Minister of International Trade also said that "I am pleased that all major steel-producing countries have reached agreement on the principles that should guide actions to address the root causes of excess capacity and ensure a level playing field for the global steel industry and reduce trade frictions in the sector."
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