According to Steel World Review, representatives of the 28 economies participating in the Global Forum on Steel Excess Capacity, at a meeting held on September 30 in Milwaukee, Wisconsin, United States, adopted a new framework titled the “Milwaukee Framework” to address steel overcapacity. The agreement was developed with the aim of addressing the consequences of excess capacity and the factors shaping it.
The new framework emphasizes increasing transparency in the steel market and cooperation among members to monitor production capacity, import flows, and policies and support measures that could contribute to the persistence of excess capacity and distort competition. The Forum also agreed to continue cooperation and joint monitoring in this area.
Estimates by the Organisation for Economic Co-operation and Development (OECD) show that global steel excess capacity reached around 640 million tonnes in 2025 and could rise to 745 million tonnes by 2028, a figure that would exceed the current combined production of OECD member countries.
The adoption of the framework alone does not mean the introduction of new tariffs or restrictions. However, if members take more coordinated action based on it regarding subsidies, trade transparency, and addressing the effects of excess capacity, its consequences could extend to steel export and import markets, including the European market.
Source: OECD, Global Forum on Steel Excess Capacity meeting, September 30, 2026
