OECD aims to abolish steel subsidies by next year

The Organisation for economic co-operation and development (OECD) hopes to reach a final agreement for cutting worldwide state subsidies to steel industries by the end of next year.

The OECD's chief negotiator Wolfgang Huebner was optimistic: " We hope to achieve before next summer a complete text with all the terms of the agreement, and a final agreement before the end of 2004."