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Foreign steel imports imperil U.S. national security, steel giants warn hearing

Published 05/24/2017, 05:15 PM
Updated 05/24/2017, 05:15 PM
© Reuters.  Foreign steel imports imperil U.S. national security, steel giants warn hearing

© Reuters. Foreign steel imports imperil U.S. national security, steel giants warn hearing

  • American steel CEOs including Nucor’s (NYSE:NUE) John Ferriola and AK Steel’s (NYSE:AKS) Roger Newport told today's Section 232 hearing that global overcapacity of steel is at crisis levels, and urged the U.S. to determine that cheap steel imports are a threat to national security.
  • The U.S. must think outside the traditional remedies in combating "ruthless" foreign governments who seek to win control of the U.S. market, according to David Rintoul, who heads U.S. Steel’s (NYSE:X) tubular business.
  • The U.S. is nearing a point that it will depend on other nations for vital steel imports, which “is a very dangerous proposition,” said Commercial Metals (NYSE:CMC) COO Barbara Smith.
  • The meeting is part of the Commerce Department’s Section 232 investigation of imported steel's effects on national security.
  • ETF: SLX
  • Now read: United States Steel: New CEO, Old Problems


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