Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: It’s unusual for a business to die from only one cause, just like it’s unusual for a person to die from only one cause. There is usually an underlying condition that made the business, or the person, vulnerable […]
Allegheny Technologies will idle its operations at Midland, Pa., by the end of June 2020 due to the Section 232 tariffs. A&T Stainless imports semi-finished stainless steel slab products from Indonesia to produce 60-inch wide Direct Roll Anneal and Pickle (DRAP) stainless sheet products. The imported steel slabs are subject to 25 percent tariffs under […]
A battle is brewing among legislators, manufacturers and steel producers regarding whether tariff measures should be suspended on imports under Section 301 and Section 232 during the coronavirus crisis. Republican members of the Senate Finance Committee urged President Trump to ease tariff restrictions during the pandemic. In a letter on March 25, the committee exhorted […]
The American Institute for International Steel is asking the Supreme Court to hear its challenge to the constitutionality of Section 232 following the loss of two appeals in the lower courts. “We are heartened that the Court of International Trade recognized that Section 232, in the court’s words, ‘seem[s] to invite the President to regulate […]
Global scrap trade has been trending down for two years and in Q4 2019 the U.S. share increased to 26.8 percent, the highest since Q1 2013. This is a quarterly analysis using data from the Iron and Steel Statistics Bureau (ISSB) in the UK. Some nations are slow to report, which results in the analysis […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Trade is only a part of the national and global response to the pandemic that is now sweeping the world—but in our interconnected world, it’s a pretty important part. So far, it’s not nearly as bad as other […]
John Packard is taking some time off… As we all hunker down (wondering if that’s the hint of a sore throat when we swallow), it’s easy to feel the walls closing in. The intellectual part of us knows the economy will return to normal eventually (indeed, there’s money to be made when the market comes […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As I write today, the politics of trade are becoming clearer. I’ve often been asked to predict where things are going and how politics will affect the markets. Here goes. This election year, trade is more controversial than […]
AK Steel could be in danger of mill closures, said soon-to-be CEO Lourenco Goncalves, if stronger protection is not provided against electrical steel imports. In a warning to members of the Congressional Steel Caucus, Goncalves said the AK Steel mills in Butler, Pa., and Zanesville, Ohio, are unprofitable because of a loophole in the Section […]
ArcelorMittal has big plans for AM/NS Calvert. Lakshmi Mittal, chairman of ArcelorMittal, hinted at a multi-billion dollar investment in Alabama during a press conference with President Donald Trump in India last week. Mittal thanked Trump for his involvement in the U.S. steel industry, calling the Section 232 tariffs a “big lesson for the rest of […]
Earlier this week the U.S. Court of Appeals for the Federal Circuit ruled against an appeal by the American Institute for International Steel challenging the constitutionality of the Section 232 tariffs. The court affirmed a ruling by the U.S. Court of International Trade, which upheld the Trump administration’s tariffs on imported steel. “While disappointed, we […]
NLMK USA has filed a complaint with the U.S. Court of International Trade alleging that NLMK’s requests for steel slab exclusions from Section 232 of the Trade Expansion Act have been wrongfully denied. The Indiana and Pennsylvania mills use imported steel slab to process into finished products. The 250-255 mm thick slab (nominally “10 inch”) […]
The American Institute for International Steel suffered another setback in its constitutional challenge of the Trump administration’s use of Section 232 tariffs to restrict steel and aluminum imports on the basis of national security. In a ruling on Friday, the U.S. Court of Appeals rejected the claim by AIIS that the “non-delegation doctrine” makes it […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As a participant of long standing in the saga of international trade cases, I can say that this week was particularly interesting. First, the U.S. International Trade Commission did something unusual—last Tuesday, it made a final negative determination […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service The impact of the U.S. International Trade Commission’s surprising negative determination that allegedly dumped and subsidized fabricated structural steel imports from China, Canada and Mexico have not materially injured a U.S. industry is tough to define in the current protectionist environment. Preliminary tariffs […]
Steel buyers sentiment, as measured by Steel Market Update, has remained relatively steady at a fairly optimistic level since the beginning of the year. But both Current and Future Sentiment have registered a very slight decline in the past few weeks. SMU’s Current Sentiment Index registered +56 this week, down from +63 at this time […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: First, I want to recap the World Trade Organization crisis. The Trump administration has put a big obstacle in the way of WTO dispute settlement by refusing to permit new members of the “supreme court” of the WTO […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: I received a question recently about the significance of Section 321 of the Tariff Act of 1930. Section 321 exempts imports from duties if they have an entered value of less than $800 per entry and meet certain […]
The office of the U.S. Trade Representative released a scathing report detailing what the U.S. believes is wrong with the dispute mechanisms of the World Trade Organization. In 174 pages, the department lays out the alleged failures of the Appellate Body to conduct business by “agreed rules.” “As detailed in this Report, the Appellate Body […]
Members of the New Democrat Coalition Trade Task Force are outraged that the report for the Section 232 investigation into auto imports has not been released and that the threat of tariffs continues to create economic uncertainty. The results of the investigation were submitted to President Trump in February 2019, but the report was never […]
Russel Metals has remained profitable despite wild swings in steel prices caused by U.S. tariffs, coupled with weak energy prices and declining rig counts. The Canadian distributor reported net income of $77 million on revenues of $3.7 billion in full-year 2019. Results were down significantly from the prior year when the company saw a profit […]
NLMK USA saw sales decrease 14 percent to 470,000 metric tons during the fourth quarter of 2019. Revenue from the segment dropped 18 percent quarter-over-quarter to $322 million. Declines were attributed to softer demand and lower steel prices. NLMK Group noted weaker demand in energy, automotive and machinery segments and a 4 percent drop in […]
Imports of steel rolled products have declined every month since May 2018, year over year, with the greatest decline in January 2020, according to government data. Total rolled product imports in January were down by 35.5 percent on a three-month moving average (3MMA) basis. This follows the 27.8 percent decrease in November on the same […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On Feb. 4, the Commerce Department published a new regulation expanding countervailing duty law. Commerce will now for the first time entertain claims by U.S. industry that government action to “undervalue” a currency in relation to the U.S. […]
The Port of Cleveland saw a significant decline in imports from Europe in 2019 due to tariffs and supply line disruptions. An increase in shipments from Canada, however, drove a 9 percent overall increase in cargo for the year. “Our European, cross-Atlantic imports were down approximately 35 percent, and our primary import from Europe is […]
I spent the second half of last week in Tampa where I was the master of ceremonies for the 31st Tampa Steel Conference hosted by the Port of Tampa. John Anton, IHS Markit Director of Steel Analytics / Pricing and Purchasing Service, provided the key economic and steel forecast for the group. He told the […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Friday’s vote in the Senate to end the impeachment trial of President Trump without calling witnesses or receiving additional evidence seals the fate of the impeachment effort. The Senate will hear closing arguments and debate the issues Monday […]
Demand is looking good for the steel industry this year, especially in the construction sector, said panel members on the Steel Manufacturers Association media call today. Dave Sumoski, Nucor Executive Vice President – Merchant and Rebar Products, noted that construction is a major area for Nucor. The market for steel bar is very strong with […]
Commerce Secretary Wilbur Ross says that tariffs on imports of autos and parts are still on the table, refuting claims that the deadline has passed to impose such measures under Section 232. After Commerce delivered its report on the national security implications of imports of foreign autos to the administration, the president had 180 days […]
Steel buyers sentiment continued to improve through mid-January with Steel Market Update’s Current Sentiment Index registering +63, its highest reading since November 2018. Sentiment has been on the rise since October when it hit a low of +26, its most pessimistic reading since June 2013. (Historical low was in March 2009 when it hit -85.) […]