Steel Imports fall in August.
Press Release Summary:
According to preliminary data issued today by U.S. Department of Commerce, total steel imports fell 22% in August to 2.32 mmt, down from July's level of 2.98 mmt. Imports of hot-rolled steel fell 4% in August to 176,438 metric tons, while cold-rolled imports also fell in August, down 22% from July 2007 levels to 102,269 metric tons. Total steel imports in 2007 are down 24% on year compared to August 2006 totals, and imports of hot-rolled steel are down 48% for first 8 months of 2007.
Original Press Release:
Steel Imports Fall in August
WASHINGTON, D.C.-September 25, 2007- Precision Metalforming Association (PMA) President William E. Gaskin said the August decline in overall steel import levels falls in line with overall trends for 2007, with year-to-date import levels down significantly from 2006, particularly for hot-rolled steel.
According to preliminary data issued today by the U.S. Department of Commerce, total steel imports fell 22% in August to 2.32 million metric tons, down from July's level of 2.98 million metric tons. Imports of hot-rolled steel - the product used most frequently by metalforming companies - fell 4% in August to 176,438 metric tons. Cold-rolled imports also fell in August, down 22% from July 2007 levels to 102,269 metric tons. Total steel imports in 2007 are down 24% on the year compared to August 2006 totals, and imports of hot-rolled steel are down 48% for the first 8 months of 2007 compared to the same time period last year.
"Import levels for both hot-rolled and cold-rolled combined are down 46 percent in 2007 from where they were at this point last year," said Gaskin. "This trend also holds for steel imports overall, which are down 24 percent from this time in 2006, and service center inventory levels for all steel products were down to 2.8 months, the lowest they've been since May 2006. Flat rolled carbon inventories were also down to 2.7 months, the lowest levels since June 2006.
"If demand rises above expectations in the fourth quarter of 2007 or early in 2008, there could be a short-supply situation in some grades and tolerances of flat rolled steel. Washington lawmakers must help manufacturers by giving industrial consumers a voice in trade cases through support of the American Manufacturing Competitiveness Act (H.R. 1127), while refraining from generating unintended consequences with overreaching currency legislation."
PMA is the full-service trade association representing the $91-billion metalforming industry of North America - the industry that creates precision metal products using stamping, fabricating and other value-added processes. Its nearly 1,200 member companies include metal stampers, hot-rolled fabricators, spinners, slide formers and roll formers as well as suppliers of equipment, materials and services to the industry. Members are located in 30 countries, with the majority found in North America (in 41 states of the U.S.) as well as Canada and Mexico.
Additional information on PMA can be found at www.metalformingadvocate.org or by contacting George Felcyn at 202-466-6210 or george.felcyn@pbnco.com.
Contact:
George Felcyn
The PBN Company
Phone: 202-466-6210
E-mail: george.felcyn@pbnco.com
