Economy
US Steel Companies Applaud Trade Legislation
Written by Sandy Williams
July 11, 2015
Steel Market Update queried U.S. domestic steel mills to hear what they have to say on the recently passed trade legislation.
One of the executives who responded was Jim Baske, chief executive officer, ArcelorMittal North American Flat Rolled who said, “The steel industry in the United States faces significant competitive challenges from dumped and subsidized imports. The amendments will improve the most important tool available to us to combat unfair trade – our antidumping and countervailing duty laws. These laws are essential in enabling U.S. companies like ArcelorMittal to compete at home and in the global marketplace. On behalf of the 20,000 ArcelorMittal employees in the United States, we extend our appreciation to our legislators for their efforts to strengthen our U.S. trade laws.”
AK Steel commented:
“We applaud the changes to the trade laws passed by the Congress that will enable the U.S. Government to hold foreign producers more accountable for their unfair trade actions.
“AK Steel and the domestic steel industry are being faced with a tidal wave of what we believe are unfairly dumped and subsidized steel imports coming into this country at historically high levels. These unfairly traded imports have resulted in a significant negative effect on our company’s production, shipments, revenues, selling prices, and earnings.
“The trade remedy provisions passed by the Congress will help level the playing field for domestic steel producers by improving the effectiveness of the nation’s anti-dumping and countervailing duty laws.”
US Steel president and CEO Mario Longhi commented following the signing of TPA and TAA:
“I commend President Obama for strengthening our trade enforcement laws by signing Trade Promotion Authority and Trade Adjustment Assistance. This legislation will open new markets for American goods and services, but also clarifies the injury standard in dumping and countervailing duties cases to better protect our workers and companies from the harm of unfairly traded products.
“The president and members of his administration have visited our facilities and have seen first-hand the power of American manufacturing and the American worker. He knows that we can compete against any country if the rules apply to all. Today he took an important first step in the process of leveling the playing field against unfairly traded products and supported fair trade at home and abroad. We look forward to working with members of the administration to ensure that U.S. trade laws and practices are strong and that countries who break our laws are punished before irreparable harm is done.”
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
CRU: Will US tariff policy be transactional or transformational?
The Trump 1.0 tariffs appeared to have little positive effect on the US manufacturing, partly because they hurt export competitiveness.
Beige Book finds mixed demand trends, tariff concerns
Manufacturing activity exhibited slight to modest increases across a majority of districts. However, manufacturers expressed concerns over the potential impact of looming trade policy changes between late January and February.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
ISM: Manufacturing expansion slowed in February
The Manufacturing PMI registered 50.3% in February. That’s 0.6 percentage points lower compared to the 50.9% recorded in January.
Chicago Business Barometer up but still pointing to weak conditions
The Chicago Business Barometer rose to an eight-month high in February. Despite the recovery, the measure continues to indicate deteriorating business conditions, as it has for over a year.