IISI welcomes government steel action

Archiv – At a recent meeting in the Canadian city of Vancouver, the board of directors of the International Iron and Steel Institute (IISI) reviewed the progress of the multi-lateral steel agreement on state subsidies which is being negotiated by governments under the auspices of the OECD. The board welcomed the commitment shown by governments in the negotiations to date but acknowledged there is much detailed work to be undertaken. At a recent meeting in the Canadian city of Vancouver, the board of directors of the International Iron and Steel Institute (IISI) reviewed the progress of the multi-lateral steel agreement on state subsidies which is being negotiated by governments under the auspices of the OECD. The board welcomed the commitment shown by governments in the negotiations to date but acknowledged there is much detailed work to be undertaken.
The IISI board said that the ability to achieve an effective and enforceable agreement would depend on active involvement in the negotiations by all major steel-producing countries, including China. It is also important to focus on the objectives of setting rules for future government support to industry rather than to seek to justify actions in the past, the board suggested.
Furthermore, after having reviewed a report on the possible benefits of a futures contract for one or more steel products, the board decided that IISI will not participate in Steel Futures Market with the London Metal Exchange. The report was the result of a six-month, in-depth study by a task force of senior managers from IISI member companies. IISI’s board has confirmed it will have no further involvement with this proposal and will not be participating in future discussions with the LME.