Steel imports dropped in April
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Manufacturing News, Source : TheManufacturer.com
Published : 31 May 2002 8:35
The US Department of Commerce reported Wednesday that steel imports were way down in April, ending the first full month that the imposed tariffs have been in effect.
The tariffs were instituted to keep less expensive foreign steel imports from further injuring the domestic steel industry.
In April, 1.7 million tons of steel were imported, down from 1.8 million tons in March and 2.8 million tons in February. April’s figures are down 29% from the 2.4 million tons imported in April of last year.
In response to the announcement, Jim Cowan, co-chair of the Ohio Steel Council, said the tariffs and consolidation in the industry have led to some improvement in steel prices and worldwide demand.
Since 1998, more than 30 domestic steel companies filed for bankruptcy, no longer able to match low-priced foreign competitors. Unions, companies, and lawmakers fought hard for the tariffs, hoping for a respite to stabilize and gain a competitive advantage.
In place for the next three years, these penalties charge up to 30% on certain kinds of imported steel. They were imposed by the Bush administration on March 7th and put into effect on the 20th.
The tariffs are not totally supported, however. Not only are foreign suppliers enraged and threatening their own tariffs in retaliation, but more than 1,200 American steel companies have applied for exemptions from the tariffs, fearing a rise in prices of their products and a loss of business. Japan, South Korea, and the European Union have demanded that the World Trade Organization rule the tariffs unjust.
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