Industry & Economy
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Steel
Steel-producing nations favour subsidy cut
Our Bureau
Mumbai June 29
IN a high-level meeting on steel that was held under the aegis of Organisation for Economic Cooperation and Development (OECD) in Paris and concluded today, major steel producing countries have reaffirmed their interest in reaching an agreement that eliminates or reduces trade-distorting subsidies in steel provided at all levels of the Government.
Senior officials from 39 countries, including India, met in Paris for two days to review the status of discussions on a proposed agreement to curtail subsidies to the steel sector.
Growth in global steel consumption had accelerated to more than 6 per cent in 2003, with a relatively high rate expected to be maintained in 2004 and 2005. The strongest growth had occurred in Asia, but markets in Europe and North America were also strengthening.
The upturn was resulting in increases in demand for raw materials, and was fuelling interest in new steel-making capacity which was expected to increase by 15 per cent from its 1998 level to 1,248 million tonnes by 2005, OECD said in a release.
Noting that the gap between capacity and production had been reduced in recent years, participants at the meeting agreed that developments in global steel markets and capacity warranted close attention given the cyclical nature of the market.
The high-level group will again meet in 2005.
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