40 countries agree on need to reduce excess steel capacity.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. , Sept. 18 Kyodo Officials from some 40 countries and the steel industry agreed at a meeting in Paris Monday that inefficient, excess steel-producing capacity is having an adverse effect on the global steel market. The two-day meeting under the Organization for Economic Cooperation and Development Organization for Economic Cooperation and Development (OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall Plan for European (OECD OECD: see Organization for Economic Cooperation and Development. ) kicked off Monday to seek ways to reduce the overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. stifling the steel market. Speaking to reporters after the first day of talks, OECD Deputy Secretary General Herwig Schlogl said participants will adopt a resolution Tuesday proposing an international conference be held by the end of the year to compile specific measures. He also said they generally agreed that supply in the global steel market exceeds demand by 5-20%. Some participants argued that protectionist pro·tec·tion·ism n. The advocacy, system, or theory of protecting domestic producers by impeding or limiting, as by tariffs or quotas, the importation of foreign goods and services. policies, such as subsidies, practiced in some countries are partly responsible for the overcapacity, OECD officials said. Akio Mimura, vice president at Nippon Steel Corp. and a participant in the talks, said it is important that governments continue talks to coordinate policies in antitrust and other fields as part of their efforts to reduce the global excess in steel-producing capacity. |
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