The world’s top 20 economies agreed Sunday to take collective measures to Reduce Excess Capacity in steel and other sectors, amid sluggish global growth.

“We recognize that Excess Capacity in steel and other industries is a global issue which requires collective responses,” said a joint statement released by trade ministers from the Group of 20 after their two-day meeting in Shanghai.

The reference to the issue was incorporated into the document at the last minute, although China was initially hesitant to do so, according to officials.

via Mainichi