The Commerce Department has begun an investigation into whether foreignsteel makers are dumping cheap steel into the U.S. market. Domesticproducers say they are, and that the practice is hurting U.S.companies. The Great Lakes Radio Consortium’s Mike Simonson reports:
Transcript
The Commerce Department has begun an investigation into whether foreign steel makers
are dumping cheap steel into the U.S. market. Domestic producers say they are, and that
the practice is hurting U.S. companies. The Great Lakes Radio Consortium’s Mike
Simonson reports.
One of the last acts of the Clinton Administration was to order the
investigation. Lake carriers association president George Ryan
says the study is coming too late for some steel mines in Minnesota
and Michigan, which may have to be shut down. And he expects the
effect of those shutdowns to be felt throughout the Great Lakes because
of the major role steel plays in the shipping industry.
“Threatens to reduce the amount of cargo shipped on Great Lakes
ships this coming year to steel companies that are adjusting their
inventory to meet this illegal dumping situation.”
About one-third of steel used in the United States last year was
imported, an unusually high amount. If the commerce department
report finds the steel was sold below cost, thenit could attach
tariffs or ban the imports all together.
For the GLRC, I’m Mike Simonson.