United States Steel Corp.
) President and CEO Mario Longhi has joined forces with fellow
steel industry executives and United Steelworkers' international
president in pressing Congress to stop unfair trade practices and
enforce America's trade laws so as to maintain the country's
economic and national security.
U.S. Steel which employees more than 24,000 people
domestically, is the leading producer of integrated steel,
value-added steel sheet and tubular products for the automotive,
appliance, container, industrial machinery, construction, and oil
and gas industries.
The prime cause of concern against which U.S. Steel raised its
voice is that the alarmingly increasing and intense inflow of
imported OCTG (Oil Country Tubular Goods) products into the U.S.
market are unfavorably affecting the company's domestic position
in the tubular market.
OCTG products which play a pivotal role in building and
maintaining the country's energy infrastructure are being
illegally dumped by South Korea at unfairly low prices in the
domestic market which happens to be the most open and attractive
market in the world.
Longhi fears about the dire consequences which lie in store
for the American steel industry arising from threatened jobs of
thousands of middle class American workers, infrastructure and
national security if immediate action is not taken against
illegal dumping of OCTG products by South Korea.
U.S. Steel and others had already filed a trade case against
illegal dumping of OCTG products with the U.S. Department of
Commerce, whose meaningful investigative work is still underway.
Longhi reiterated to the Washington official the urgent need to
come up with swift action, enforce rules and punish the rule
breakers so as to level the platform as promised by the trade
Another steel company,
AK Steel Holding Corporation
), also submitted antidumping duty petitions with the U.S.
Department of Commerce and the U.S. International Trade
Commission (ITC) related to unfairly low-priced imports of
non-oriented electrical steel (NOES) from six countries in Sep
2013. The low-price imports from countries including China,
Germany, Japan, Korea, Sweden and Taiwan are allegedly causing
material injury to the company.
AK Steel has also filed countervailing duty petitions against
NOES producers in China, Korea and Taiwan asserting that they are
heavily subsidized by their respective governments.
AK STEEL HLDG (AKS): Free Stock Analysis
NN INC (NNBR): Free Stock Analysis Report
WORTHINGTON IND (WOR): Free Stock Analysis
UTD STATES STL (X): Free Stock Analysis
To read this article on Zacks.com click here.
The petitions alleged that AK Steel's NOES operations and its
workforce had been negatively impacted owing to increased imports
of NOES from the 6 targeted countries that accounted for 92% of
U.S. imports of NOES from all countries in 2012.
U.S. Steel currently carries a Zacks Rank #3 (Hold).
Other players in the steel and related industries worth
Worthington Industries, Inc.
). Both carry a Zacks Rank #2 (Buy).