HANGZHOU — Group of 20 (G-20) leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers.A statement from the White House said that leaders at the G-20 summit in Hangzhou, eastern China, on Monday accepted that overcapacity in steel and other industries was a global issue that required a collective response.Proposals for the formation of a global forum that would seek a global solution and report back to the G-20 in 2017 underscore the growing resolve to support a sector that has long been grappling with chronic oversupply and sluggish demand.Global steel production fell in 2015 for the first time since 2009, dipping 2.8% to 1.6-billion tonnes, with China accounting for half of the total. But there is a long way to go if the industry is to make a serious dent in the 700-million tonnes ofexcess capacity.Such a forum would be the first concre...
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