Members of the Global Forum on Steel Excess Capacity (GFSEC) met to discuss the worsening global steel crisis and ways to counter its continuing impact on their steel industries. The meeting was chaired by the United States, bringing together Ministers and high-level representatives of the GFSEC Members and other invited countries.
The Ministerial Meeting took place against the backdrop of a worsening global steel crisis and an increasingly uneven global playing field, with excess capacity expected to rise from 601 million tons in 2024 to 745 million tons by 2028, reaching its highest level in a decade and exceeding the current combined production of GFSEC members by 319 million tons.
The meeting led to the adoption of a Ministerial Statement and a Comprehensive Framework for Joint Action (the “Milwaukee Framework”) to address the impact and root causes of steel excess capacity.