OECD alarmed by worsening steel overcapacity, slowing economy

The Organization for Economic Co-operation & Development’s (OECD’s) Steel Committee has issued the bureaucratic equivalent of a code red about a growing global steel glut.

The problem: steelmaking capacity is growing despite a “deterioration in steel market conditions” and amid the weakest global economic growth since the financial crisis, committee chairman Ulf Zumkley wrote in a statement released last Friday September 27.
Global steelmaking capacity was running at approximately 2.29 billion tonnes per year through the first half of 2019, up for the first time since 2015, Zumkley wrote. And more tonnes are on the way.



Michael Cowden

September 30, 2019

06:05 GMT