OECD steel progress

OECD Observer

Experts from most of the world’s steel-producing countries, including government and industry representatives, held talks in Paris aimed at cutting trade-distorting government subsidies.

The 24-25 February meetings made progress, and participants hope to complete much of the work by September. While some serious issues need to be resolved to secure an agreement, “there is good will to remove differences,” said US Assistant Secretary of Commerce, Faryar Shirzad.

At a December meeting in Paris, senior government officials from major steel-producing economies agreed to reduce or eliminate trade-distorting steel subsidies. Those discussions indicated that the underlying situation in steel remains serious and that recent signs of recovery are fragile, as many firms continue to struggle to maintain or return to profitability.

©OECD Observer No 236, March 2003

Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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