During the 97th Session of the Steel Committee held in Paris, the OECD Steel Committee discussed the current crisis in the steel industry and its main causes. 

According to the committee, the global steel industry crisis keeps worsening as the global steel overcapacity expands. Since 2020, China's steel exports have doubled. Meanwhile, its steel imports decreased by 80%, dropping to 8.7 million tons. 

In addition, it is predicted that from 2025 to 2027, there will be 165 million tons of new production capacity added to the current overcapacity, and the global steel overcapacity could reach 721 million tons in 2027.

The committee warns that the challenges facing the global steel industry will intensify if countries that have created overcapacity or hindered exports of excess steel do not make adjustments to policies.