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Global Overcapacity
The latest in this ongoing, worldwide problem.
Latest News
OECD Steel Committee: Big Capacity Growth, but Little Demand Growth in 2023
15 March 2023 - Global steel demand will grow by a mere 1% in 2023, far outpaced by growth in steelmaking capacity, according to the Organisation for Economic Co-operation and Development (OECD)’s steel committee.
U.S.-U.K. Trade Dispute Comes to an End
23 March 2022 - The United States’ four-year dispute with the United Kingdom over steel and aluminum tariffs ended on Tuesday with the U.K. receiving a duty-free steel import quota of more than 500,000 metric tons, according to the Reuters news service.
U.S. to Consult With Japan on Addressing Global Excess Capacity
15 November 2021 - The U.S. Department of Commerce announced the beginning of consultations with Japan to address global steel and aluminum excess capacity.
U.S., EU Come to New Agreement on Steel Tariffs
01 November 2021 - The United States and the European Union have reached a deal that will revise the Section 232 tariffs on EU metal products, effectively ending a years-long trade dispute between the two government bodies.
US, EU Plan Talks on Steel Tariffs, Excess Steel Capacity
18 May 2021 - The United States and the European Union are opening discussions on combating excess steel capacity and ending America’s Section 232 tariffs on steel imports from the European Union.
U.S. Trade Representative Criticizes China's Excess Steel Capacity
06 April 2021 - The Office of U.S. Trade Representative Katherine Tai is taking China to task, calling it the world’s No. 1 offender in enabling excess steel capacity.
Report: Lowered EU Steel Demand Will Necessitate Capacity Cuts
05 April 2021 - The COVID-19 pandemic probably has erased five to 10 million tons of European Union steel demand, and producers there will have to shed capacity, according to a new paper from management consultancy McKinsey & Co.
Section 232 Tariffs Should Stay, Argues Economic Think Tank
24 March 2021 - The global steel overcapacity problem should be fixed through some sort of a multi-lateral solution, but until one is reached, the U.S. should keep its Section 232 tariffs in place, according to the left-leaning Economic Policy Institute.
OECD Raises Alarm on Global Steel Overcapacity
23 March 2021 - The Organisation for Economic Co-operation and Development (OECD) Steel Committee is warning that the global industry faces a heightened risk from excess production capacity as the COVID-19 pandemic tamps down demand.
Steel Groups Push for Continuation of Steel Tariffs, Quotas
12 January 2021 - Four industry trade groups and the United Steelworkers union are urging U.S. President-elect Joe Biden to keep in place tariffs and quotas on steel imports, saying that the measures are necessary ensure the viability of the U.S. steel industry.
SMA, EUROFER and Others Urge Steel Capacity Forum to Expand Efforts
22 October 2020 - Steel industry associations throughout the world are reiterating a call for the Global Forum on Steel Excess Capacity (GFSEC) to step up its work on the persistent problem.
Rising Steel Capacity Is Cause for Deep Concern, OECD Says
01 October 2020 - Despite the severe drop in steel demand caused by the COVID-19 pandemic, global steel capacity is rising and could reach 700 million metric tons in excess of production this year, reports the Organisation for Economic Co-operation and Development steel committee.
thyssenkrupp Keeping All Options Open for Steel Unit, Including Merger
19 May 2020 - thyssenkrupp is accelerating plans to reorganize its overall business and is exploring a potential merger of its steel unit, the company said Monday.
China Pledges No New Capacity in 2020
16 January 2020 - China is reiterating a promise that new steel capacity will be strictly prohibited in the year ahead, reports the country’s state-run news agency.
China’s No. 1 Steelmaking Region Announces Additional Capacity Cuts
07 January 2020 - China’s top steel-producing province aims to reduce capacity by 14 million metric tons this year, reports Xinhua, China’s state-run news agency.
China Initiates Steel Capacity Investigation
19 November 2019 - With China’s steel output on the rise, officials there have begun reviewing capacity at the country’s steel mills, reports the Reuters news service.
Steel Associations Praise Effort to Continue International Forum on Excess Capacity
31 October 2019 - Sixteen steel industry associations are applauding a decision to continue the work of an international body aimed at reducing excess capacity even as it is set to dissolve this year.
Obstacles Remain as China Works on Steel Capacity Reductions, Industry Ministry Official Says
26 September 2019 - Not for a lack of trying, China remains challenged to contain illegal steel capacity, reports the Reuters news service.
Global Steelmaking Capacity Could Grow as Much as 5% by 2021
02 July 2019 - Global steelmaking capacity declined slightly in 2018, but projects that are underway now or have been proposed could bring about more than 100 million metric tons of new capacity over the next three years, according to Organisation for Economic Co-operation and Development.
Chinese Mills Should Throttle Back Production, Industry Official Says
01 April 2019 - The chairman of the China Iron & Steel Association is calling for domestic mills to restrain production as output rises despite that the country’s economy appears to be cooling.
