PMA reports first rise in steel imports since October 2007.
Press Release Summary:
According to preliminary data issued by the U.S. DoC, steel imports increased 33% from December 2007 to January 2008. PMA President William E. Gaskin said that despite the increase, U.S. manufacturers are very concerned about rising steel prices and low inventory levels. He noted that January overall imports were still 10% lower than January 2007 imports and imports of hot- and cold-rolled sheets were down 18% compared to January 2007.
Original Press Release:
U.S. Steel Imports Rise for First Time Since October 2007
WASHINGTON, D.C. - February 26, 2008 - Precision Metalforming Association (PMA) President William E. Gaskin said that the first increase in monthly steel imports reported since October 2007 was good news, but that U.S. manufacturers are very concerned about rising steel prices and low inventory levels and noted that January overall imports were still 10 percent lower than January 2007 imports and imports of hot- and cold-rolled sheets were down 18 percent compared to January 2007.
According to preliminary data issued today by the U.S. Department of Commerce, overall steel imports increased 33 percent from 1.81 metric tons in December 2007 to 2.41 million metric tons in January 2008. Steel imports were 10 percent below January 2007 levels when total steel imports reached 2.67 million metric tons. Imports of hot-rolled steel, the product used most frequently by metalforming companies, rose by 24 percent from December 2007, to 220,482 metric tons in January. Cold-rolled imports also climbed in January, up 31 percent from December 2007 to 130,484 metric tons.
"PMA members are reporting that steel supplies are extremely tight and that the price of steel continues to climb and in fact may reach record levels by mid-year," said Gaskin. "According to the Metals Service Center Institute, inventories of flat-rolled carbon were only 2.7 months in January, a very low level, which raises a serious threat of spot shortages, quality issues and continued higher prices. An increase in steel imports is needed over the next several months to bring balance to the U.S. steel market. Our message to Washington, D.C. is the following: If policymakers want to stop the decline of the manufacturing sector, they need to ensure that U.S. companies have access to competitively priced raw materials to compete in the global marketplace."
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 Amanda Lahan at 202-466-6210 or amanda.lahan@pbnco.com.
