The work of the Global Forum to date has shown that a broad number of economies, many of which are at very different levels of economic development and operate under very different institutional and policy frameworks, can come together to try to resolve challenges in a sector for which they have a shared interest.


Since its creation in 2016, the Forum can claim the following achievements.


Greater transparency with respect to capacity developments and government policies

In line with G20 Leaders' call for increased information sharing at the September 2016 Hangzou summit, GFSEC members and the OECD, as Forum facilitator, established a mechanism in early 2017 to exchange information on crude steel capacity developments as well as government policies and measures affecting capacity developments, including market-distorting subsidies and other government support measures.

Moreover, the review process established in 2018 allows members to jointly assess whether identified support measures are market-distorting and contribute to excess capacity.

Together, the information sharing and review processes have led to much greater transparency than was available before with respect to capacity developments and policies that can help reduce excess capacity. 


Implementation of policy principles and recommendations to address excess capacity

Following the instructions set out by G20 Leaders at their July 2017 Hamburg summit, the GFSEC developed concrete policy solutions to alleviate excess capacity in the steel sector. The GFSEC Berlin Report provides policy principles, recommendations and a roadmap for tangible and swift policy action to address excess capacity in the steel sector.

The GFSEC policy recommendations provide solutions to help improve market function in the steel sector, level the playing field, and encourage restructuring. They delineate specific government support measures that governments should refrain from and remove in cases where the measures distort markets and contribute to excess capacity. Members have emphasized the importance of full and timely implementation of these policy recommendations. 


Building the momentum behind the reduction of steel excess capacity globally

GFSEC members have stressed the importance of removing excess capacities that are no longer viable and ensuring that any capacity expansion is driven by market forces and is in line with realistic prospects for steel demand in the long term. In 2024, the GFSEC will deepen its substantive work as a basis for strengthening global cooperation and the development of tangible policy options for addressing global excess capacity, and its negative impact on sustainability and the economic health of the industry, as mandated by Ministers at the June 2023 Ministerial Meeting. Under the leadership of the United Kingdom in 2024, the GFSEC will organise a Ministerial Meeting in the second half of 2024 to consider these tangible policy options and their implementation. 


Cooperation with relevant stakeholders

GFSEC cooperation with the steel industry and relevant stakeholders is growing. Steel sector representatives regularly participate in GFSEC stakeholder events and contribute to GFSEC work with their valuable expertise. Steel industry experts from different GFSEC economies have shared their experiences of steel industry restructuring and adjustment, including in the context of decarbonisation, as well as lessons learned. They have also regularly informed the GFSEC about the current situation in global steel markets and have provided key insights on ways to address excess capacity.