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Key Quotes
Even that long-term project does not appear sufficient to absorb the existing surplus capacity. Many US and European officials in the public and private sectors fear that to maintain employment and domestic social stability China will seek to export their surplus.
The steel sector is likely the leading edge in this confrontation. The steel industries in Europe and the US are well organized, with years of experience lobbying and seeking government readdress, and experience their own challenges.
US Steel Corp persuaded the US International Trade Commission to proceed with an investigation into charges that Chinese steel companies have colluded to fix prices, stolen trade secrets and evaded duties by mislabeling exports. The issue will now be heard by an administrative judge.
Some 13,500 US steelworkers have lost their jobs, and imports are an easily named culprit. Steel imports from China account for less than 5% of the total finished steel imports. Broadly speaking, a recent study found that technology accounts for more than 80% of the jobs lost in the manufacturing sector.
Still, the growing complaints of US producers and the threat of retaliation appear to have had a cooling effect. Steel imports from China fell 70% in the first four months of the year while overall US steel imports have fallen by a third.
To be sure, the US-China issue is only one element of this multifaceted issue. Yesterday, the US Department of Commerce's ITC announced anti-dumping duties on producers (cold rolled steel) from India, Korea, Taiwan, Italy, as well as China.
The ITC will make its final decision by July 8. There is some political pressure to widen the "trade-enforcement" to include other varieties of steel, including corrosion resistant, hot-rolled, and stainless steel. It is also interesting that foreign producers, with a US presence, like ArcelorMittal also participated with US Steel in filing the petitions.
The US has found Japanese producers guilty of dumping cold-rolled steel too. Other countries being investigated are American allies on other issues.
US Steel (X) stock are up 10.4% on the week. It finished last year near $8 a share and closed yesterday at $14.75. It is recovering from a slide earlier this month that brought it from $20.30 on May 2 to a low near $12.75 last week. The stock gapped higher yesterday but closed near its lows, leaving a small gap unfilled. With ITC showing favor, the US steel sector may have a modest reprieve, just in time for corporate treasurers to get concerned about a rising dollar.”
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