PMA reports decline of steel imports in February 2008.
Press Release Summary:
According to preliminary data issued by the U.S. Department of Commerce, overall steel imports decreased 8% from January to February, which PMA President William E. Gaskin called problematic for industrial steel consumers. Imports of hot-rolled steel rose by 3%, while cold-rolled imports decreased by 6% in February. Total steel imports for 2008, so far, are 9% lower than they were at this time in 2007.
Original Press Release:
U.S. Steel Imports Decline in February
WASHINGTON, D.C. - March 25, 2008 - Overall U.S. steel imports resumed their downward slide in February, continuing a trend from 2007 that Precision Metalforming Association (PMA) President William E. Gaskin called "problematic for industrial steel consumers."
According to preliminary data issued today by the U.S. Department of Commerce, overall steel imports decreased 8% from 2.41 metric tons in January to 2.22 million metric tons in February. Imports of hot-rolled steel - the product used most frequently by metalforming companies - rose by 3% from January, to 227,543 metric tons in February. Cold-rolled imports decreased in February, down 6% from January to 122,852 metric tons. Total steel imports for 2008 so far are 9% lower than they were at this time in 2007.
"The drop in steel imports this month is of concern to PMA members," said Gaskin. "Steel prices remain high and inventory levels remain low. Spot shortages, which we have not seen much of since 2004, have been reported in parts of the country. As long as prices continue to rise and inventories continue to drop, the chances of more shortages will only go up."
"This issue of materials' sourcing will be the main topic of a conference in Washington, DC that PMA is participating in next month," Gaskin pointed out. "The 2008 Consuming Industries Conference: "Trade Policy and Competing in the Global Economy will address how U.S. trade policy affects impacts consuming industries, like the metalforming industry, and their access to globally priced raw materials."
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 Amanda Lahan at 202-466-6210 or amanda.lahan@pbnco.com.
Contact:
Christie Carmigiano
Government, Safety & Public Affairs Manager
Precision Metalforming Association
Phone: 216/901-8800
Fax: 216/901-9190
E-mail: ccarmigiano@pma.org
Web site: www.pma.org
