Repeated surges in unfairly traded steel imports fueled by global excess capacity threaten the long-term viability of the American steel industry. The domestic steel industry directly and indirectly supports nearly two million American jobs and contributes nearly $520 billion to the economy.
Fueled by this massive global overcapacity, estimated to be nearly 600 million tons, dumped and subsidized steel imports have continued to flood into the United States putting our national and economic security interests at further risk — and causing steel plants to be idled and jobs to be lost. Despite efforts to address this import crisis through use of targeted trade remedy laws, imports have continued to increase as excess steel production is easily transshipped through third countries not subject to trade remedy orders. In addition, efforts to address the underlying causes of this crisis through international fora have not produced concrete results to date.