Steel Execs Appeal to Trump

American steel industry executives have appealed directly to President Trump for immediate import restrictions.

Senior executives from 25 U.S. steel and steel-related companies sent the letter last week, telling Trump the industry was suffering from government inaction, and he could change that course through his “bold leadership” and America First vision.

The American Iron and Steel Institute reported last week that total steel imports through July were up 22 percent from the same period a year ago, with imports taking 28 percent of the U.S. market.

The executives said the sustained surge of steel imports into the U.S. had “hollowed out” much of the domestic steel industry and was threatening its ability to meet national security needs.

“Immediate action must meaningfully adjust imports to restore healthy levels of capacity utilization and profitability to the domestic industry over a sustained period,” they wrote.

The Commerce Department has delayed the release of its recommendations from a “Section 232” investigation into whether steel imports pose a threat to national security, which could lead to Trump imposing broad quotas or tariffs on steel imports.

Under the Cold War-era law authorizing the steel national security probe, Trump would have 90 days to act once the Commerce Department submits its probe.

“Your leadership in finding a solution to the crisis facing the steel industry is badly needed now. Only you can authorize actions that can solve this crisis, and we are asking for your immediate assistance,” they wrote.  Source: Reuters