U.S. steelmakers: It's national security, protect us from import
The comments came at a U.S. Commerce Department hearing for a national security investigation into steel imports that could lead to broader tariffs or import quotas than the anti-dumping and anti-subsidy duties now in place on dozens of steel products.
Commerce Secretary Wilbur Ross told the hearing he hoped to complete the review under a Cold War-era trade law by the end of June, much sooner than the 270 days allowed under the statute.
American steel industry executives argued that a flood of imports has dangerously eroded their profitability and thus their ability to continue meeting very broadly defined national security needs.
"Unfortunately, global overcapacity and unfairly traded imports threaten our ability to invest. Production overcapcacity in the steel industry has reached crisis levels," said John Ferriola, chief executive of top U.S. producer Nucor Inc.
The executives said this not only applies to highly engineered armor plate for tanks and ships but to more mundane products such as steel tubing and "rebar," considered a commodity steel rod product used in construction of concrete buildings, roads and bridges.
Commercial Metals Co president Barbara Smith called rebar "a product of critical importance to this nation's infrastructure."
AK Steel chief executive Roger Newport said imports threatened the company's production of electrical steel used in power generation and transmission, potentially making the U.S. electrical grid dependent on imports. ■