It stated that government action to address the unloading of steel overproduction on world markets is overdue.
SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) released a statement on President Trump’s tariff announcement.
In the statement, Kevin Dempsey, President and CEO, AISI thanked the U.S. President for standing up for American workers by restoring fairness in international trade and addressing non-reciprocal trade relationships. It noted that American steel workers are very well aware about the detrimental effects of unfair foreign trade practices on domestic industries and their workers.
Further the statement highlighted that the global overcapacity in the steel industry reached 573 million metric tons during the previous year, mainly driven by subsidies and other trade-distorting practices by foreign governments. The continued high levels of production of steel by countries such as China, Japan, Korea, Vietnam and Indonesia has exceeded domestic demand in these countries, ultimately resulting in surge in exports to other countries, including the U.S.
The uncontrolled exports directly and indirectly injure steel producers in the country, AISI said. It stated that government action to address the unloading of steel overproduction on world markets is overdue.
AISI looks forward to collaborate with the Secretary of Commerce, the U.S. Trade Representative and other officials towards ensuring fairness and reciprocity in international trade, the statement said.
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