A high-level forum
for global action
on steel excess capacity
Currently comprising 28 members spanning six continents, the GFSEC is an international platform to develop and implement collective solutions to
address global excess capacity and enhance market function in the steel sector.
Who we are
The Global Forum on Steel Excess Capacity (GFSEC) is an international platform to find and implement collective solutions to the challenge of excess capacity and enhance market functioning in the steel sector.
It brings together policy makers and industry stakeholders to share information and cooperate in line with the call of G20 Leaders at the Hangzhou Summit in September 2016. The GFSEC was formally established in December 2016 in Berlin. Global Forum members include many of the largest steel producing economies in the world.
The Global Forum is an open platform where members participate on an equal footing. It aims to broaden its membership and is open to all steel-producing economies committed to pursuing its mission. The GFSEC is facilitated by the OECD, which provides technical, analytical and meeting assistance to support the Global Forum, its steering group and chairmanship.
Key Messages
Global steel excess
capacity is surging
Global steel excess capacity (the global gap between demand for steel and the capacity to produce steel) is surging towards 630 million tonnes by 2026. This would be its highest level since the steel crisis of 2016.
The impacts of global
steel excess capacity
are felt across all economies
GFSEC research shows that global excess capacity causes severe financial and operational challenges for steel producers. Excess capacity depresses steel prices, reduces profitability, and distorts trade flows, often leading to unfair competition in international markets. Steel companies that produce steel efficiently face increasing pressure and lose market shares, while their workers experience job losses and declining income opportunities, as a result of global excess capacity.
The GFSEC process offers
solutions to reduce global
excess capacity
The GFSEC brings together policy makers and steel industry stakeholders from 28 major steel-producing economies to share information, develop solutions, and take effective steps to address the challenges of market-distortive excess capacity. Annual Ministerial Meetings provide the political impetus for action. This process has helped drive important results; global excess capacity fell from a peak of almost 800 million tonnes in 2015 to around 450 in 2021. With global excess capacity now on the rise again, more steel-producing countries need to join these efforts.
Key Data
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Evolution of Steelmaking
Capacity and Operating Profits
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World Crude Steel
Capacity and Demand
Members of the GFSEC
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Argentina
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Australia
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Austria
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Belgium
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Brazil
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Canada
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European Union
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Finland
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France
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Germany
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Greece
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Hungary
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Italy
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Japan
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Korea
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Luxembourg
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Mexico
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Netherlands
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Norway
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Poland
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Slovak Republic
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South Africa
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Spain
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Sweden
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Switzerland
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Türkiye
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United Kingdom
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United States
Publications
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