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OECD steel meet next week

MUMBAI: OECD Governments are scheduled to meet in Paris next week to explore options for dealing with excess capacity and resulting market distortions affecting the world steel industry. This follows a high-level meeting at the OECD in September, when th e Governments agreed to consult the steel producers in their countries and then return to discuss the outcome of these consultations. As part of the consultation process following the September high-level meeting, the Governments were called upon to eval uate the long-term economic viability of their steel facilities and to identify economic, social and regulatory practices that could hinder the closure of unprofitable production facilities.

They agreed to take note of subsidies and other measures that promote investment in new facilities or sustain failing enterprises. The December 17-18 meeting will be attended by members of the OECD Steel Committee and observers, including India, as well as other key steel producing countries, including China. -- Our Bureau