Word: steel
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Dates: during 1980-1989
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...Steel seeks more protection
...Steel is once again protesting about imports. Only this time the object of the complaint comes from a different direction. The battered industry, which lost $3.2 billion during 1982, had been feeling somewhat buoyed earlier this year. In October 1982, the Government had persuaded the European Community, one of the heaviest shippers of steel to the U.S., to hold back exports for a while. The other big exporter, Japan, had been voluntarily restricting sales. The results were dramatic. In the first nine months of this year, Japan reduced shipments to the U.S. by 35% compared with the same period last...
...break from imports has not materialized. Such Third World steel producers as Brazil, Mexico and South Korea are leaping into the void. In the first nine months of 1983, Brazil's exports increased by 82% over last year's and South Korea's rose by 46%. Mexico's steel sales in the U.S. rose ninefold, from 47,000 tons during the first nine months of last year to 428,000 tons over a comparable time...
While the share of the U.S. market going to imports has declined from 22.4% to 19.6% during the first nine months of this year compared with the same period in 1982, American steel companies are again demanding trade protection. Says U.S. Steel Chairman David Roderick: "Importation has reached dangerous levels." Last month U.S. Steel filed complaints with the Commerce Department against Brazil, Mexico and Argentina, asking Washington to slap tariffs on imports from those countries. According to U.S. Steel, government-subsidized industries are selling shipments in the U.S. at below their cost of production. Earlier this year the Commerce Department...
Companies buying foreign steel, though, counterattacked last week during the annual meeting of the American Institute for Imported Steel. Fred Lamesch, the group's newly elected president, warned that quotas could increase prices for steel products in the U.S. by as much as 20% next year and maintained that such measures would only lead to an inefficient U.S. steel industry. Said he: "Protectionism makes an industry become lazy and nonaggressive in modernizing...