The steel industry in both the United States and the rest of the world has been having a good year, but that doesn’t mean there isn’t any room for improvements. In fact, one area that many people agree needs to be improved is the trade laws related to the industry. That’s why the CEO of United States Steel Corp., Mario Longhi, as well as several other industry leaders paid a visit to congress. They testified towards the end of March, asking Congress to change a few of the current trade policies.
For the first time in decades, steel is being imported from other countries at an alarmingly high rate, which is hurting some companies in the U.S. According to Longhi, the last time this happened about half of American steel companies shut down, and he worries that could happen again if members of Congress don’t take the necessary steps to improve trade laws.
Other members that testified included the chairman of the board of directors for American Iron and Steel Institute, the CEO of Nucor Corp., and the chairman of AreclorMittal USA. They asked legislators, among other things, to update the Trade Promotion Authority’s standard for material injury, which they hope will lead to less of a reliance on imports, allowing U.S. companies to thrive in the industry.
This is just one of the many major events and changes that have been taking place in the American steel industry in recent months. For more news and updates about the state of the industry and steel in general, keep checking back with the team at Florida Pipe & Steel!