At the Global Forum on Steel Excess Capacity (GFSEC) ministerial meeting in Gqeberha, South Africa, ministers from 29 participating countries reaffirmed their commitment to tackle the worsening global steel overcapacity, which reached 601 million mt in 2024 and is projected to hit 721 million mt by 2027.
This persistent overcapacity is distorting markets, undermining fair competition, and slowing decarbonization efforts.
Ministers agreed to develop a new coordinated policy framework targeting non-market measures that fuel excess capacity. The draft is due in November 2025 and finalization is expected by June 2026.
Key initiatives include:
-
Enhancing transparency through data sharing on production origins and state support,
-
Monitoring non-market practices and financing,
-
Launching a new GFSEC data and visualization platform, and
-
Encouraging additional countries to join the forum in cooperation with the OECD.
VietnamSteel by Hoa Sen Group
