PMA reports steel imports up slightly in July.
Press Release Summary:
According to preliminary data issued by U.S. Department of Commerce, total steel imports increased 6% in July to 2.9 mmt, up from June's level of 2.76 mmt. Imports of hot-rolled steel, used extensively by metalforming industry, declined 9% in July to 183,725 metric tons. William E. Gaskin, President of Precision Metalforming Association, said he expected U.S. supply of steel products to remain tight for foreseeable future.
Original Press Release:
U.S. Steel Imports Up Slightly in July; Hot-Rolled Imports Continue to Drop
WASHINGTON, D.C.-August 29, 2007-Steel imports into the United States rose slightly in July but are 22 percent off 2006 levels. Hot-rolled imports, used extensively by the metalforming industry, declined nine percent in July and are down by 45 percent for the year. Precision Metalforming Association (PMA) President William E. Gaskin said he expected the U.S. supply of steel products to remain tight for the foreseeable future.
According to preliminary data issued today by the U.S. Department of Commerce, total steel imports increased six percent in July to 2.9 million metric tons, up from June's level of 2.76 million metric tons. Imports of hot-rolled steel, an essential product for many metalforming companies, declined nine percent in July to 183,725 metric tons. Cold-rolled imports also declined in July, down two percent from June 2007 to 131,151 metric tons. Total steel imports in 2007 are down 22 percent on the year compared to July 2006 totals, and imports of hot-rolled steel are down 45 percent for the first seven months of 2007 compared to last year.
"As PMA member companies testified August 1st at an International Trade Commission hearing on whether to revoke duties on hot-rolled steel from 10 countries, U.S. manufacturers of steel-based products have experienced tight market supply conditions for most of the past five years with resulting disruptions in availability, quality and cost," said Gaskin. "While current supplies may be adequate due to soft automotive and housing markets, future demand for flat-rolled steel is likely to be strong."
"Given the unforgiving cost-down pressure that U.S. manufacturers feel from their customers today, there is little margin for further reduction in imports of products like hot- and cold-rolled steel that are crucial to our members - and no rationale whatsoever for allowing artificial import barriers based on outdated market conditions to remain in effect," said Gaskin.
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.
