PMA announces decline of steel imports in September.
Press Release Summary:
PMA President William E. Gaskin called the continued overall decline in steel imports worrisome for U.S. steel-consuming industries, increasing concerns that U.S. manufacturers will not be able to obtain adequate supplies of steel products at globally competitive prices. According to preliminary data, total steel imports fell to 1.99 million metric tons in September, with hot-rolled steel increasing to 186,791 metric tons and cold-rolled imports falling to 95,459 metric tons.
Original Press Release:
Steel Imports Decline in September
WASHINGTON, D.C. - October 23, 2007 - Precision Metalforming Association (PMA) President William E. Gaskin called the continued overall decline in steel imports in September worrisome for U.S. steel-consuming industries, increasing concerns that U.S. manufacturers will not be able to obtain adequate supplies of steel products at globally competitive prices. Total steel imports in 2007 are down 26% on the year compared to September 2006 totals, and imports of hot-rolled steel, despite a small increase in September, are down 49% for the first nine months of 2007 compared to the same time period last year.
According to preliminary data issued today by the U.S. Department of Commerce, total steel imports fell 17% in September to 1.99 million metric tons, down from August's level of 2.4 million metric tons. Imports of hot-rolled steel - the product used most frequently by metalforming companies -increased 5% in September to 186,791 metric tons. Cold-rolled imports fell in September, down 7% from August 2007 levels to 95,459 metric tons.
"September steel imports, combined with already low inventory levels of flat-rolled steel at service centers, which are down 21% compared to year-ago levels, underscores the need for U.S. policymakers to balance the interests of steel producers and steel consumers in trade policy," said Gaskin. "PMA's recent Business Conditions Report shows optimism for increased orders and shipments of metal components during the first part of the fourth quarter and again for early 2008. When demand picks up, if imports continue at current low levels, there will be a return to tight market supply conditions with resulting disruptions in steel availability, quality and cost. This is why the recent decision by the International Trade Commission to maintain dumping duties on hot-rolled steel imports from six countries is so frustrating. Continuing to provide unnecessary protection to a healthy steel industry at the expense of steel-using companies struggling to compete in the global market does not bode well for the future of manufacturing in this country."
Concluded Gaskin, "The ITC decision is more evidence that 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). This legislation will give our members a seat at the table when it comes to trade decisions. Tariffs and duties on imported steel mean less steel for the metalforming industry."
The Precision Metalforming Association (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 Jungbluth at 202-466-6210 or george.jungbluth@pbnco.com.
