Global BBS, The World's Biggest Steel Producer, Reached A Policy Consensus On Cutting Capacity.

Global BBS, the world's biggest steel producer, reached a policy consensus on cutting capacity.

The global BBS ministerial conference on steel overcapacity was held in Berlin, Germany, on November 30. The meeting agreed on cutting overcapacity and will submit a policy recommendation report to the g20.

On the same day, representatives of 33 members from the g20 and the organization of economic cooperation and development attended the meeting.

The meeting concluded that overcapacity in steel is a global problem that requires countries to work together. The report recommends that market-based measures be adopted to promote the resolution of excess capacity, enhance information exchange among members and increase policy transparency.

Li chenggang said that China, as one of the advocates of the global BBS steel overcapacity, has been actively participating in the BBS process in a constructive manner. China welcomes the consensus reached by BBS and hopes that future members will further enhance information sharing and cooperation to guide the development of the steel industry.

The host nation Germany economic and energy minister brigitte zypries said, consensus meeting to resolve global steel overcapacity provides concrete Suggestions, all parties are made for this good and constructive efforts.

Global BBS global BBS is set up in December 2016 under the g20 hangzhou summit consensus. In accordance with the requirements for the g20 summit communique Hamburg, BBS should be before November this year to form a substantial report contains specific policy measures suggest, take the practical and fast as the foundation of the policy action.