Precision Metalforming Association (PMA) President William E. Gaskin today applauded the U.S. International Trade Commission (ITC) decision to terminate protective duties on corrosion resistant steel from four of six countries under review, calling the verdict, "good news for American manufacturers that consume steel products."
The ITC voted 4 to 2 today to end duties on corrosion resistant steel from France, Canada, Australia, and Japan after determining that their revocation would not cause material injury to a revitalized U.S. steel industry. Duties on imports from Germany and Korea will remain in place until the next review in 2011.
"Today's ITC decision appropriately recognizes that the steel industry in the U.S. is healthy and no longer needs government protection from competition on corrosion resistant steel," said Gaskin. "Steel is a major input for American manufacturing companies, accounting for up to 70 percent of their costs, especially for the manufacturers of component parts and assemblies which are essential to a huge variety of end products. Steel consumers need a consistent, globally competitive marketplace for the raw material required to meet customer demand. While we would have preferred to see the duties revoked for all six countries, this decision is a step in the right direction to help American steel consumers compete in the global market."
Corrosion resistant (coated) steel is used in the manufacture of automobiles, auto parts, household appliances, in commercial and residential construction and in other finished products. The duty orders have been in place since 1993, when a then-downtrodden steel industry sought government protection on the products.
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