The Organization for Economic Cooperation and Development (OECD), said that ongoing restructuring of the global steel industry is expected to lead to capacity cutbacks of between 124 million and 128 million metric tons between 2002 and 2005. This compares with previous cutback estimates of 103.5 million to 117.5 million tons.The increased cutback estimates follow meetings of the capacity working group and disciplines study group, both established by governments of the work's leading steel-producing countries. Global steel production capacity is around 1.07 billion tons, the OECD added.
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