Thousands of American workers have lost their jobs — and more than 500,000 jobs are in jeopardy — due to a surge in foreign steel imports dumped into the U.S. market. Backed by foreign subsidies, these imports are priced below market value and threaten the future of the U.S. steel industry.
Resources
Thousands Rally to Save Our Steel Jobs
Workers, public officials and community members joined forces to tell Washington to act.
Forbes: Department of Commerce Ruling in OCTG Trade Case a Major Boost
Commerce ruled additional duties will be levied on foreign imports of certain steel products.
The Takeaways
Government subsidies for steel production in places like South Korea has led to excess steel capacity — meaning there’s much more being produced than the market demands.
Although U.S. steel output has recovered since the Great Recession, unfair foreign competition has led to declining revenues for domestic industry; in 2013 it reported net losses of $1.2 billion.
It’s up to Washington to level the playing field for U.S. steelmakers and their workers. Trade remedies are critical to counter unfair trade practices and must be effectively enforced