STEEL SURVIVAL STRATEGIES: Steelmakers and unions clash over US trade policies

Tempers flared at Steel Survival Strategies XXXII as international steel executives and the head of the United Steelworkers union clashed over the impact of US trade policies.

While some executives said curbs on imports and over-production in China were necessary and overdue, others said they risked starting a damaging trade war. Some also contended that the USA's short-term focus on trade was distracting from more important issues such as developing new products and markets to reverse a trend of slowing steel demand growth. With its Section 232 investigation into steel imports, the USA is basing current “protectionist” trade policy on anachronistic trade laws dating back to the height of the Cold War, Antonio Marcegaglia, chairman and ceo of Italian steelmaker Marcegaglia, said at the event, hosted by Metal Bulletin sister publicaiton AMM in conjunction with World Steel Dynamics. “The cake is shrinking, we should try to bake our own cake rather than protect our own piece,” he said, urging policy-makers in the USA and Europe to not look inwards, but instead support policies – similar to China’s ‘One Belt, One Road’ initiative – that would boost demand. Marcegaglia...

Published

Michael Cowden

June 28, 2017

20:59 GMT