US Steelmakers Cut Prices to Compete With Cheap Imports

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Coiled steel for import

US steelmakers slashed prices in February to cope with a flood of steel imports bolstered by the strong dollar, a move that will pressure their profit margins and reduce costs for buyers of steel, including automakers.

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Imports rose 33% in January compared with the year before, according to figures released Wednesday by the American Iron and Steel Institute, reaching 3.85 million tons, compared with 2.9 million tons a year earlier. The jump in imports comes as oil and gas drillers cancel orders for steel pipe, underscoring the resilience of overall US demand compared with other markets.

 

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