The impact of COVID-19 on the sector
As the global economy is hit by the COVID-19 pandemic, the steel industry and the whole steel value chain is suffering from the crisis in a very significant way. The underlying distortions caused by the existing overcapacity have further aggravated the situation. It is in this context that GFSEC members and industry representatives met at the virtual stakeholder event on 7 July 2020 to discuss the impacts of COVID-19 on steel markets and the expected recovery path, policy responses to the crisis, and the longer-term effects that the crisis may have on excess capacity and the overall health of the global steel industry. Further information as well as the presentations made at this stakeholder event are available here.
The GFSEC will continue to closely monitor developments in the steel sector and will include analysis on the impact of the pandemic in its report to Ministers, which will be submitted to G20 leaders.