G20 Meeting Agrees to Reduce Excess Capacity in Steel

The world’s top 20 economies agreed Sunday to take collective measures to reduce excess capacity in steel and other sectors, amid sluggish global growth.

“We recognize that excess capacity in steel and other industries is a global issue which requires collective responses,” said a joint statement released by trade ministers from the Group of 20 after their two-day meeting in Shanghai.

The reference to the issue was incorporated into the document at the last minute, although China was initially hesitant to do so, according to officials.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza