The OECD’s 2026 Steel Outlook warns global steel excess capacity will reach 745 million tonnes by 2028, exceeding current OECD steel production by 319 million tonnes. The report cites subsidies from several major non‑OECD steel producers and growing circumvention that is undermining trade remedies designed to restore fair competition. Planned new capacity could add up to 139 million tonnes by 2028, a 5.7% rise from 2025, while demand growth is expected to remain weak at about 0.9% p.a. OECD Secr

The OECD’s 2026 Steel Outlook warns global steel excess capacity will reach 745 million tonnes by 2028, exceeding current OECD steel production by 319 million tonnes. The report cites subsidies from several major non‑OECD steel producers and growing circumvention that is undermining trade remedies designed to restore fair competition. Planned new capacity could add up to 139 million tonnes by 2028, a 5.7% rise from 2025, while demand growth is expected to remain weak at about 0.9% p.a. OECD Secretary‑General Mathias Cormann said the glut distorts markets, weakens economic security and resilience, and hampers innovation and sustainability.