Steel industry hails victory against illegal imports
The U.S. International Trade Commission has put duties on hot-rolled steel imports the companies said were unfairly hurting the domestic steel industry.
In the past few weeks, the steel industry has received favorable rulings from ITC about steel imports from various countries, including hot-rolled steel from the United Kingdom, Turkey, Korea, Brazil and other countries, and cold-rolled steel from Korea, Russia, Brazil and elsewhere.
Pittsburgh-based United States Steel Corp. (NYSE: X) brought some of the cases.
"We are encouraged that we have received affirmative determinations in the vast majority of the three flat-rolled cases we have filed," said CEO Mario Longhi in a statement. "This decision is yet another positive step towards establishing a level playing field. We know that there is work yet to be done, and we will continue our efforts to ensure fair trade and adherence to the rule of law."
Pittsburgh-based United Steelworkers said it hoped laid-off steelworkers would be able to go back to work.
"The tens-of-millions of dollars it cost American steelworkers in lost wages by imports will be evaluated between now and Election Day on how soon it brings production and jobs back in our steel-making communities," said United Steelworkers International President Leo W. Gerard in a statement. "Enforcing our trade laws shouldn't always be the job of injured companies and their workers. Government needs to do more."