Steel Imports resumed downward trend in June.
Press Release Summary:
According to preliminary data issued by U.S. Department of Commerce, total steel imports decreased 12% in June to 2.6 million metric tons, down from May's level of 2.96 mmt. Imports of hot-rolled steel dropped 27% in June to 194,246 metric tons, while cold-rolled imports remained the same in June, at 172,303 metric tons. PMA members will testify at U.S. ITC review where ITC will determine whether or not to continue import duties on hot-rolled steel products from 11 countries.
Original Press Release:
Steel Imports Resume Downward Trend in June
WASHINGTON, D.C.-July 24, 2007-The U.S. Commerce Department today reported that imports of steel products into the United States fell by 12 percent in June, raising concerns among U.S. manufacturers about steel supply and prices in the coming months.
"Steel imports are down 22% this year compared to 2006. The drop in steel imports in June resumed a troubling pattern for steel consumers whose businesses depend on access to reliable sources of competitively priced steel," noted Precision Metalforming Association (PMA) President William E. Gaskin. "To remain viable players in the global market, it is essential that American steel consumers have access to steel at globally competitive prices."
"PMA members will testify next week at a U.S. International Trade Commission (ITC) sunset review where the ITC will determine whether or not to continue import duties on hot-rolled steel products from 11 countries. The Commerce Department reported a 46% drop in hot-rolled steel imports into the United States this year-further evidence that these imports are no longer a threat to U.S. steel producers. The U.S. steel industry is healthy, strong and profitable. U.S. manufacturers need access to hot-rolled steel at globally competitive prices if they are to continue to compete in the global marketplace," said Gaskin.
According to preliminary data issued today by the U.S. Department of Commerce, total steel imports decreased 12% in June to 2.6 million metric tons, down from May's level of 2.96 million metric tons. Imports of hot-rolled steel, an essential product for many metalforming companies, dropped 27% in June to 194,246 metric tons. Cold-rolled imports remained the same in June, at 172,303 metric tons. Total steel imports in 2007 are down 22% on the year compared to June 2006 totals, and imports of hot-rolled steel are down 46% for the year.
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.
