Steel Executives Say Need for Import Restrictions is ‘Urgent’

SEATTLE (Scrap Monster): Executives from U.S. Steel, Nucor, ArcelorMittal and 22 other steel companies urged President Donald Trump in a Feb. 1 letter to take action to “prevent excess steel capacity and surging steel imports from undermining our national security and the viability of the U.S. steel industry.”

Trump is reviewing a report submitted by the Commerce Department on its Section 232 investigation of the impact of steel imports on national security. He has until April 11 to decide what, if any, action to take regarding the report’s findings and recommendations, which have not been made public.

The steel executives wrote that “the need for action is urgent” because “imports have continued to surge.”

“We urge you to implement a remedy that is comprehensive and broad based, covering all major sources of steel imports and the full range of steel products, with only limited exceptions for products not currently available in the United States,” they wrote. “Any 232 action to adjust imports should include measures to prevent circumvention and transshipment, as we know from experience that any loopholes will be exploited, weakening the effectiveness of the remedy. We also urge you to implement a remedy that is of sufficient duration to allow the domestic industry to make new investments that will enhance U.S. steel production, thereby preserving and strengthening our national defense industrial base.”

AIIS and others have warned against imposing tariffs and quotas on imported steel, arguing that such imports do not threaten national security and that protectionist measures would likely be met with retaliation by trading partners.

 Courtesy: AIIS