Word: steelmen
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...others pledge to arrange a series of meetings between Carter and business leaders. Such meetings do seem to help: for example, on the same day that he assailed Big Oil, the President dropped in on a White House conference between his aides and steel executives and cheered the steelmen by pledging to take vigorous action on any complaints they file against "dumping" of foreign steel in the U.S. (that is, the selling of imports at prices below their costs of production). The President is also considering a major speech on economic policy just before or after his nine-nation tour...
...recognition that the steel industry is in bad trouble: rising imports of cheaper steel from Japan and Europe in August captured almost 20% of the American market, causing layoffs of some 60,000 American workers, slicing steel company profits and forcing the closing of old mills in several cities. Steelmen have long complained that much of the foreign metal is being "dumped"-that is, sold in the U.S. below the cost of production. But little was done about the problem until two weeks ago, when the U.S. Treasury accused five Japanese steelmakers of dumping carbon plate and ordered them...
Dumping is universally recognized as a violation of international trade law, but Carter confessed to the steelmen that he had been unaware of the problem until last week. Now, the President said, "we're going to do something about it." Said Edgar Speer, chairman of U.S. Steel: "We have been assured by this Administration that it would act promptly and aggressively on any antidumping cases brought before...
...been much talked about as a temporary balm for steel; similar agreements already restrict imports of shoes and color-television sets. The United Steelworkers of America is for a steel OMA, but the executives who met with Carter and Strauss last week declined to press for one. The steelmen are awaiting a report from an Administration task force, headed by Treasury Under Secretary Anthony Solomon, on ways to help the industry. The Solomon report, due in four or five weeks, could recommend an OMA for steel, tax credits for the industry, or even changes in antitrust law that would help...
American steelmakers got a bit more help last week when European producers, meeting in Rome, proposed to set voluntary limits on their sales in the U.S. The Japanese steel industry had made a similar proposal two weeks earlier. American steelmen mostly see the offers as politically inspired attempts to avert more drastic U.S. action against steel and other imports, but the offers nonetheless indicate that the foreign producers realize they may have been pressing their competitive advantage a bit too hard...