Steel and other manufacturing industries create good-paying jobs, critical materials for our national defense and high-value exports.
Yet the industry faces significant challenges because of unfair trading practices by foreign governments that intervene in steel markets by subsidizing production and exportation of steel, and by manipulating currency and raw material markets. These foreign interventions are creating global overcapacity in steel, triggering a surge of steel imports that captured more than 23 percent of the U.S. market.
The solution is strong trade enforcement. Use trade laws to address market distortions like dumping and unfair subsidies and addressing new issues, such as evasion and circumvention and the effect of state-owned enterprises.
The thousands of Hoosier steel industry workers deserve support by Congress and the Obama administration. Remove trade barriers abroad and open closed markets.
- Thomas J. Gibson, President and CEO, American Iron and Steel Institute, Washington, DC