Members of the Organisation for Economic Cooperation and development are set to meet to deal with problems arising in steel markets due to oversupply issues. Representatives from India, China, South Africa, Argentina, the United States, Japan and other steel power centres are meeting to devise and draft an agreement at the Global Forum on Excess Steel Capacity. The main agenda for this forum is to combat overproduction leading to oversupply in the global steel industry. There is also the demand for governments to stop supporting domestic steel firms that are underperforming, hoping to weed out a business that depends on subsidies and hand-outs to survive. The agreement is likely to propose that governments report on domestic production capacity and operational levels 3-4 times per year.

Check out: Key Updates On Regulation By Ministry Of Steel

The main goal of the forum is to influence China to change its domestic policies that reward production leading to oversupply, while local governments provide copious subsidies to steel mills that face losses. Beijing has responded by signalling a clear intent to lower steel capacity in the country by 100 to 150 million tons by the year 2020. Mills that produce substandard steel would be shut down. Global crude steel capacity grew over the past decade to touch 2.68 billion tonnes, while China produced 1.13 billion tonnes, almost half of the global capacity. Countries participating in the agreement are eager to show compliance despite the non-binding nature of the pact, as it seeks to benefit the domestic steel sector of each participant.

Innovations in Earthquake-Resistant TMT Bars

The steel industry continuously evolves to meet the increasing demands for safety in seismic regions. Modern earthquake-resistant TMT bars incorporate several innovations:

Quenching & Tempering Technology: Advanced processes create a hard outer layer and ductile core, enabling bars to absorb and dissipate seismic energy efficiently.
Corrosion-Resistant Coatings: Many TMT bars now feature anti-corrosion treatments, extending the lifespan of buildings in humid or coastal seismic zones.
Optimised Rib Patterns: The surface rib design of TMT bars has been refined to enhance bonding with concrete, creating a more unified structural system capable of withstanding extreme tremors.
Seismic-Specific Grades: Newer grades, such as Fe 600D, are being developed for mega projects and high-rise constructions, ensuring even greater resilience against lateral forces during earthquakes.

These innovations ensure that buildings not only comply with current seismic standards but are also prepared for future seismic challenges, providing peace of mind to homeowners, builders, and infrastructure planners alike.