Steel Majors Except China, India and East Europe, Meet in Milwaukee to Hit at Excess Capacity, China Leads with 1bn tonnes with Low Price Exports

[ABS News Service/01.10.2026]

The United States and other countries agreed yesterday to take action to fight global steel overcapacity – a clear hit at China, which is not part of the group.

US Trade Representative Jamieson Greer chaired a meeting of the Global Forum on Steel Excess Capacity, held on the sidelines of the G20 trade ministers meeting in Milwaukee.

The so-called Milwaukee Framework does not commit countries to specific actions. “Every country will do what they think is appropriate,” Mr. Greer said. “We want to coordinate those measures," Greer added. "The United States has taken robust measures, and it probably makes sense for other countries to do that too.”

The United States has revitalized its steel industry by imposing tariffs, negotiating trade deals, offering tax breaks and improving energy policy, he said. “If like-minded partners adopt similar policies, they can hold accountable those countries that are contributing to the problem of global overcapacity in steel.”

Statement

Following is the text of the groups’ statement on the meeting:

The Ministerial Meeting of the Global Forum on Steel Excess Capacity (GFSEC) convened in Milwaukee, Wisconsin, United States of America, on 30 September 2026, to discuss the worsening global steel crisis and ways to address its continuing impact on their steel industries. The meeting, chaired by United States, brought together Ministers and high- level representatives of the GFSEC Members and other invited countriesI. Meeting participants acknowledged that, despite the increase of actions and trade remedies taken by individual GFSEC Members, global steel excess capacity continues to increase. Global steel excess capacity is expected to rise from 601 million tonnes in 2024 to 745 million tonnes by 2028, reaching its highest level in a decade and exceeding the current combined production of GFSEC members by 319 million tonnes. GFSEC Member steel industries cannot compete on a level playing field without further collective intervention.

Recognizing the need for effective actions and greater policy coordination to swiftly reverse current trends, the GFSEC Ministers reached consensus on a new Comprehensive Framework for Joint Action.

The Framework outlines a list of concrete and effective actions GFSEC Members intend to take through their respective national legal frameworks, reflecting their national circumstances and consistent with international commitments.

The Ministers tasked the GFSEC to take stock of the actions taken under the Framework and to provide an update at the next GFSEC Ministerial meeting.

In addition, understanding that non-market policies and practices (NMPPs) in certain non-GFSEC economies continue to fuel steel excess capacity and pose risks to market stability, supply chains, and employment, Ministers tasked the GFSEC and the Facilitator to:

· Collect and exchange information on NMPPs that are particularly harmful to the steel sector and distort global competition and trade.

· Identify meaningful actions that can address NMPPs and their root causes and consider incorporating such actions into the Framework.

Participants included: Argentina, Australia, Austria, Belgium, Brazil, Canada, Costa Rica, European Union, Finland, France, Germany, Greece, Hungary, Indonesia, Italy, Japan, Korea, Luxembourg, Malaysia, Mexico, Netherlands, Norway, Poland, Slovak Republic, Spain, Sweden, Switzerland, Thailand, Türkiye, United Kingdom, United States, Ukraine and Viet Nam.

Noting that the GFSEC Terms of Reference will expire on December 31, 2026, GFSEC Ministers tasked the GFSEC to revise its Terms of Reference to extend it for an additional three years. The

Terms of Reference should:

· Incorporate the Comprehensive Framework for Joint Action into the mission of the GFSEC, to include considerations for implementation, monitoring, and expansion.

· Affirm commitment to the Berlin Principles and the Comprehensive Framework for Joint Action. Additionally, Ministers tasked the GFSEC to develop criteria for membership, including transitional phases for new Members.