Ferrous

Steel Imports Hit Historic Highs

In July, U.S. imports of steel mill products totaled an all-time record of more than four million net tons, with many countries’ totals for the first seven months of the year exceeding their total steel exports for all of 1997, the American Iron and Steel Institute (AISI) reported recently, based on a compilation of U.S. Department of Commerce data.

July imports were up 43.5% from the nearly 2.8 million net tons imported in July 1997. This represents an annualized rate of more than 48 million net tons. Finished steel imports in July 1998 hit a new record high for the third consecutive month.

Steel imports continue to surge (see chart) from many countries, with year-to-date imports from Russia up 18.7% from last year’s record pace; and imports from Japan up 130.4%; from Korea, up 93%; and from Indonesia up 374%.

"The July figures fully support our industry’s contention that massive levels of steel are being dumped into the U.S. market," says Andrew G. Sharkey, III, AISI president and CEO.

The influx of imported steel is causing North American steel makers to cut back production and drastically lower their intake of ferrous scrap.

November 1998
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