Steel Executives Ask Congress for Help
Mario Longhi (president and CEO of United States Steel), John Ferriola (president and CEO of Nucor) and Mike Rippey (chairman of ArcelorMittal USA) were all in Washington, D.C. pressing Congress to strengthen America's economic and national security by halting unfair trade practices and enforcing the country's trade laws.
All three executives stressed that the steel industry continues to face the challenge of continuing high levels of unfairly traded imports. They also said that imports from China, Turkey and South Korea are greater than those in the late 1990s that resulted in the bankruptcies of steel companies. According to Rippey, China currently has 371 million tons of excess capacity.
U.S. Steel is already feeling the pinch. The company recently announced the consolidation of its North American Flat-Rolled operations and temporarily idling of its Granite City Works operations in Granite City, Ill.
Here’s the full story from the American Iron and Steel Institute.
You can read Longhi’s prepared statement to Congress here.
You can watch video of the entire hearing on YouTube.