The global BBS ministerial conference on steel overcapacity was held in Berlin, Germany on November 30. The meeting agreed on cutting overcapacity and will submit a policy recommendation report to the g20.

On the same day, representatives from the 33 members of the g20 and the organization of economic cooperation and development attended the meeting, and Chinese assistant minister of commerce li chenggang attended the meeting. 

The conference held that excess steel capacity was a global problem and needed to be addressed jointly. The report proposes to promote the reduction of excess capacity through market-based measures, strengthen information exchanges among members, and increase policy transparency. 

Li chenggang said that China, as one of the advocates of the global BBS steel overcapacity, has been actively involved in promoting the BBS process in a constructive manner. The Chinese side welcomes the consensus on BBS, and hopes that the members will further strengthen information sharing and cooperation and guide the development of the steel industry.

The host nation Germany economic and energy minister brigitte zypries said, consensus meeting to resolve global steel overcapacity provides concrete Suggestions, all parties are made for this good and constructive efforts.

The global BBS global BBS is set up in December 2016 in accordance with the g20 hangzhou summit consensus. In accordance with the requirements for the g20 summit communique Hamburg, BBS should be before November this year to form a substantial report contains specific policy measures suggest, take the practical and fast as the foundation of the policy action.