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The Organization for Economic Cooperation and Development (OECD) on Tuesday clinched a landmark agreement to reduce excess steel output by 100 million tons, roughly 9 percent of the global steel production capacity, by 2010.

The agreement, reached after two days of talks among senior officials from 40 major steel producing countries, marks the first time that the OECD has managed to coordinate efforts to remove excess capacity and to ward off potential sanctions from the United States, the world’s biggest steel importer.

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