Press Release: Governments Discuss Market Distortions, Further Capacity Cuts, at OECD Steel Talks, March 2002

Ongoing restructuring in the steel industry is now expected to result in the closure of at least 124-128 million tonnes of steel-making facilities between now and the end of 2005, according to officials from the world's leading steel producing areas attending three days of talks at OECD headquarters in Paris, 13-15 March 2002. This compares with earlier expectations of reductions of at least 103.5-117.5 million tonnes, out of total current capacity of approximately 1.07 billion tonnes.