Steel Caucus Holds Annual 'State of Steel' Hearing
Congress can't let the U.S. become dependent on foreign countries for steel, Congressional Steel Caucus Chairman Tim Murphy, R-Pa., said in written testimony for the caucus’ annual “State of Steel” hearing April 14 (here). To help make sure the World Trade Organization does not designate China as a market economy as long as the country’s market remains subsidized and “non-market,” the caucus on April 14 sent letters to the Obama Administration and the EU, Murphy said.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
The glut of steel imports “worsened substantially” in 2016, after a tough 2015, Universal Stainless and Alloy Products CEO Dennis Oates said in written testimony (here). Congress should ensure enforcement of recently passed legislation like the Leveling the Playing Field Act and the Trade Facilitation and Trade Enforcement Act, CMC Americas President Tracy Porter said in written testimony (here). U.S. Steel CEO Mario Longhi in prepared remarks urged caucus members to scrutinize the Administration’s implementation of new trade tools given through the Leveling the Playing Field Act, while Nucor Executive Vice President Chad Utermark in his written testimony called on the government to lead a “binding, verifiable agreement” to remove excess capacity and push governments out of the steel business (here).
While imports compose 29 percent of U.S. steel market share, U.S. capacity utilization has fallen below 70 percent, and steel manufacturing employment is down by 12,000 employees, ArcelorMittal North America CEO James Baske said in submitted testimony (here). “It is easy, and correct, to point to China as the main culprit,” he said. “But it is not just China. We face challenges from countries as diverse as Korea, Russia, Turkey, and others. Nonetheless, the United States must address the problem of Chinese steel exports or every other action you or we take won’t matter.”