At its 92nd session held on 19-20 September 2022, the OECD Steel Committee has expressed concerns about the sharp downturn in world steel markets and emphasized the need to prevent a potential exacerbated steel crisis from emerging in the short to medium term, exacerbated by rising energy prices but also a range of inflationary factors. Delegates agreed to strengthen the Committee’s role as a venue for inclusive co-operation to avoid steel crises, and to step up their efforts to understand and address structural problems in the steel sector with a view to mitigating global trade tensions in the future and supporting the Decarbonisation of the global steel industry under conditions of fair and non-distortive competition.Participants at the meeting1. Discussed the growing risks facing the steel market outlook and discussed ways to respond to the emergence of a steel crisis, including through rising energy costs2. Expressed concerns about the increase in global steel excess capacity this year for the fourth year in a row. The gap between global crude steelmaking capacity and production could potentially increase to 562.9 million tonnes in 2022 from 521.6 million tonnes in 2021, and is expected to continue increasing;3. Exchanged views with raw material stakeholders on the impacts of the war in Ukraine on supply developments, and agreed to enhance their co-operation on raw material issues to help bring greater stability to their steel industries and to support the reconstruction of the Ukrainian steel industry;4. Reviewed recent trade measures on steel and steelmaking raw materials, as well as the impacts of sanctions against Russia, and discussed ways to mitigate trade circumvention using newly developed tools by the Steel Committee; 5. Agreed to strengthen their work over the next two years on long-term structural challenges facing the sector, including deeper analysis of supply-demand imbalances in global steel markets, the impacts of increasingly pervasive subsidies and other government support measures on the level playing field, and ways to encourage Decarbonisation of the sector under conditions of fair competition; and6. Supported continuation of the work of the Global Forum on Steel Excess Capacity.