Steel industry CEOs from NAFTA countries met Thursday with appointed US government officials, including Trade Representative Michael Froman, to impress upon them the "urgency" of the steel trade "crisis," said Thomas Gibson, president and CEO of the American Iron and Steel Institute.
"The steel industry is feeling so much pain today because it's completely decoupled from the modest [US economic] growth occurring," said Chuck Schmitt, AISI chairman and president, SSAB Americas, at a media briefing.
Schmitt attributed the pain to "dumped and subsidized imports coming into the US market from around the world. Steel imports increased by 36% in 2014 and captured a record 28% of our domestic steel market," he explained. "The [import] surge is worse this year. Finished steel imports have captured 30% of the US market, an all-time record."
Earlier this week, AISI released a commissioned report concluding that treating China as a market economy in antidumping investigations would "severely damage the NAFTA steel industries and harm NAFTA economies."
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