U.S. Steel Imports drop again in December.
Press Release Summary:
According to preliminary data issued today by U.S. Department of Commerce, overall steel imports decreased 15% in December to 1.79 million metric tons, down from November's level of 2.1 million metric tons. Imports of hot-rolled steel fell by 26% to 176,791 metric tons in December, capping off sizeable downward trend of 47% from 2006 end-of-year levels. Cold-rolled imports also declined in December, down 7% from November 2007 to 98,246 metric tons, and down 51% on the year.
Original Press Release:
U.S. Steel Imports Drop Again in December as 2007 Import Totals Fall 27 Percent From Previous Year
Flat Rolled Imports Down 49 Percent from 2006
WASHINGTON, D.C.-January 29, 2008-U.S. steel imports fell sharply in December, ending the year down 27 percent from 2006 import totals. Precision Metalforming Association (PMA) President William E. Gaskin called the year's significant overall decline in steel imports a disturbing trend for U.S. steel consuming manufacturers that pointed to further supply and pricing squeezes ahead.
According to preliminary data issued today by the U.S. Department of Commerce, overall steel imports decreased 15 percent in December to 1.79 million metric tons, down from November's level of 2.1 million metric tons. Imports of hot-rolled steel, an essential product for many metalforming companies, fell by 26 percent to 176,791 metric tons in December, capping off a sizeable downward trend of 47 percent from 2006 end-of-year levels. Cold-rolled imports also declined in December, down seven percent from November 2007 to 98,246 metric tons, and down 51 percent on the year.
"PMA members are very concerned about the consistent drop in steel import levels that we've seen, particularly in the second half of this year," said Gaskin. "Inventories are down and steel prices continue to head upward. While current supplies may be adequate for now, increasing demand would put pressure on steel consumers to make sure they have sources for competitively priced steel available to meet customer requirements.
"PMA's Board of Directors sent a letter this week to congressional leadership asking that any upcoming trade legislation includes provisions to help small and medium-sized manufacturers to access the raw materials they need to compete in the global marketplace," continued Gaskin. "Manufacturers around the country are hurt not only by escalating steel prices, but also by illegal subsidies offered to our competitors overseas, particularly in China, and by legal barriers that prevent steel consumers from participating in trade cases before the U.S. International Trade Commission. We urge Congress to keep small and medium manufacturers in mind when they take up trade legislation this spring."
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, as well as a copy of PMA members' letter to Congress, can be found at www.metalformingadvocate.org or by contacting Amanda Lahan at 202-466-6210 or amanda.lahan@pbnco.com.
