On 10 October, I was pleased to chair the 2025 Global Forum on Steel Excess Capacity (GFSEC) Ministerial Meeting in Gqeberha, South Africa. At the meeting, GFSEC Ministers committed to addressing the root causes and negative effects of steel excess capacity by developing a comprehensive framework for joint action.
This is a significant step towards a potential plurilateral agreement to address the impacts of non-market policies and practices that have been undermining the global trading system.
The Albanese Labor Government backs our steel industry—supporting innovation, protecting local jobs, and ensuring our producers can compete fairly in global markets. The Government is aware of the impact of steel excess capacity has on our industry and global markets. Global steel excess capacity continues to rise, with estimates projecting it will reach 721 million tonnes by 2027.
Australia's steel industry is critical to the Australian economy, employing over 100,000 people and generating $29 billion in annual revenue. Australia's steel industry is not immune from the direct and indirect impacts of global excess capacity. Persistent structural oversupply of steel negatively affects the profitability of our steelmakers, puts Australia's sovereign steelmaking capacity at risk, and hinders investment in decarbonisation.
Our steel fabricators and downstream industries are also being impacted by excess capacity being imported into Australia and undercutting Australian value-added manufacturing. That is why the Albanese Labor Government is focused on strengthening our anti- dumping measures. We want to improve the effectiveness, access and timelines for decisions made by the Anti-Dumping Commissioner.
Australia's involvement in the GFSEC also plays an important role in keeping our industry strong and economically viable.
As GFSEC Chair, Australia has worked to protect the interests of our steel industry by promoting fair trade, addressing market distortions, and ensuring a level playing field in the global market. The Australian Government is committed to working domestically and with global partners to maintain a strong and sustainable steel industry.
Established in 2016, the GFSEC aims to promote cooperation and transparency among the major steel-producing countries, to mitigate against steel excess capacity and its impacts on the world market.