Global Forum on Steel Oversupply Fails to Extend Mandate

Economy

Tokyo, Oct. 26 (Jiji Press)--Ministers discussing policies to tackle global steel oversupply failed to extend the mandate of their forum at a meeting in Tokyo on Saturday, due to opposition from China, a major producer.

The Global Forum on Steel Excess Capacity, which involves 33 steel-producing countries and regions, will end its mandate in December as originally scheduled.

In a chair's closing statement, Japan expressed its intention to continue discussions on measures against steel oversupply by setting up a new multilateral framework with the European Union and others.

Speaking after the ministerial meeting, a senior official of the Chinese Ministry of Commerce suggested China's readiness to work with the new framework. China will continue to support multilateral exchanges and cooperation, the official said.

Japanese Minister of Economy, Trade and Industry Hiroshi Kajiyama, who chaired the meeting, told a new conference that Japan will continue to make every effort to tackle the steel excess capacity.

[Copyright The Jiji Press, Ltd.]

Jiji Press