Steel takes center stage in MetalCrawler today with domestic steel shipments down from February in and a hearing on trade in Washington.
February Steel Shipments Down
The American Iron and Steel Institute recently reported that U.S. steel mills shipped 6,939,442 net tons in February, a 1.3% decrease from the 7,031,307 nt shipped in January, and a 0.2% increase from the 6,925,596 net tons shipped in February 2015.
Shipments on the year-to-date in 2016 are 13,970,749 nt, a 4.9% decrease vs. 2015 shipments of 14,688,338 nt for two months.
Dumping Has Cost 13,500 Steel Jobs
In the second day of hearings of the Office of the U.S. Trade Representative and the Department of Commerce on the steel crisis in America, Thomas J. Gibson, president and CEO of the AISI, told Commerce Secretary Penny Pritzker that the crisis is fueled by global overcapacity and has caused the loss of 13,500 jobs.
Gibson said the government must “vigorously enforce U.S. trade laws; not give in to Chinese demands that it be automatically graduated to market economy status; and, press for binding commitments from steelmaking nations to eliminate excess capacity and subsidies resulting from government market-distorting policies and practices.”