Steel Imports decline in November.
Press Release Summary:
Following release of U.S. Department of Commerce data, PMA President, William E. Gaskin expressed concern about continuing decline in most steel imports. Total steel imports in 2007 are down 26% on year compared to Nov 2006, with hot-rolled import down almost 50% from 2006. At annualized rate, import levels for hot-rolled and cold-rolled imports in 2007 will be at their lowest levels since 2003, when 201 steel tariffs were in full effect.
Original Press Release:
Steel Imports Decline in November; On Track for Lowest Level Since 2003
WASHINGTON, D.C.-December 27, 2007-Precision Metalforming Association (PMA) President William E. Gaskin expressed concern about the continuing decline in most steel imports following the release of U.S. Department of Commerce data showing an 18 percent decline in November. Total steel imports in 2007 are down 26 percent on the year compared to November 2006 totals with hot-rolled imports - the product used most frequently by metalforming companies - down almost 50 percent from 2006.
"Based on the first 11 months, projected for the full year, hot-rolled and cold-rolled steel imports are down 32 percent this year compared to 2006," said Gaskin. "At this annualized rate, import levels for hot-rolled and cold-rolled imports in 2007 will be at their lowest levels since 2003, when the 201 steel tariffs were in full effect. These numbers demonstrate yet again the need for steel consumers to have reliable access to fairly priced steel."
"Metalforming companies are continuing to experience flat shipments in December because of soft auto production by American auto manufacturers and a continued slowdown in the housing and appliance markets," said Gaskin. "The Metals Service Center Institute reported that service center inventories for flat rolled carbon steel were at 3.0 months in November - down 29.7 percent from 2006 November levels. The combination of low inventories, low levels of imports of flat rolled products, and modestly lower domestic production of steel means that US steel consumers face higher prices for flat rolled steel in 2008. This will impact the competitiveness of domestic metalforming companies compared to their competitors in China and other low cost Asian countries."
Added Gaskin, According to preliminary data issued today by the U.S. Department of Commerce, total steel imports fell 18 percent in November to 2.06 million metric tons, down from October's level of 2.51 million metric tons. While imports of hot-rolled steel increased 38 percent in November to 239,378 metric tons, hot-rolled imports are down 48 percent year to date as compared to 2006. Cold-rolled imports fell in November, down 10 percent from October 2007 levels to 101,277 metric tons. Cold-rolled steel imports for the year to date are 50 percent lower than last year's year to date numbers in November.
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:
Amanda Lahan
Phone: 202-466-6210
E-mail: amanda.lahan@pbnco.com
