By Paul Ploumis 28 Sep 2015 Last updated at 02:38:04 GMT
SPOKANE (Scrap Monster): The American Iron and Steel Institute (AISI) has urged the US Administration to address the devastating effects of surging imports of Chinese steel on domestic US steel industry during the Chinese President’s official visit to the country this week.
The US steel group extended support to the issues outlined in the letters sent separately by the Congressional Steel Caucus and the senators representing major steel producing states within the country. Thomas J. Gibson, President and CEO, AISI urged President Obama to address the concerns of the domestic steel industry in the country during the Chinese Premier’s visit.
According to AISI, majority of steel mills in China are subsidized and state-owned. Moreover, the country has failed to abide by ‘fair’ market principles by manipulating its currency to boost exports out of the country. The Association has already filed The dumping of cheaper steel products from China has caused closure of many steel plants in the US, thereby leading to thousands of job losses. The breach of WTO commitments by China continues to impact the steel producers and other manufacturers in the US.
As per statistics, Chinese overall steel exports has surged higher by almost 27% year-on-year during the initial seven-month period in 2015 to 67 million metric tonnes. The yearly steel exports from China during the year is expected to cross 100 million metric tonnes in 2015, higher than the total steel output by the US during the entire year 2014.
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 19 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry.