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OPEC had been widely expected to announce a reduction in output to bolster sagging oil prices.
The fall follows closures and reduction in output at a number of power stations.
Those cuts followed a 20percentt reduction in output during the first quarter.
This winter it will have less breathing space after closures and reduction in output at a number of power stations.
Many industry observers believe Opec could agree a reduction in output at its summit on March 23.
He added, "It wasn't great from an earnings standpoint, but relative to the reduction in output, it was pretty good".
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Consequently, demand for primary factors of production, including the land input, declines, but this decline is more moderate than the reduction in outputs.
The idea is that even in countries where steel mills are privately owned, governments can bring about reductions in output by removing subsidies and other public incentives that keep unprofitable mills going.
In the meetings that took place here, sponsored by the Organization for Economic Cooperation and Development, about 26 countries laid out forecasts that entail reductions in output of nearly 100 million tons of steel a year.
Ahead of the meeting, the cartel's members appeared deeply split, with one camp, led by Iran and Venezuela, advocating reductions in output to stem further price declines, and another, led by Saudi Arabia, wishing to allow prices to fall further.
Marco Mucciarelli, of the National Institute of Oceanography and Experimental Geophysics, points out that two reductions in output at Cavone between 2008 and 2010 had no effect on earthquake rates.
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