US Import Regulations
Korean steelmakers’ exports totaled 10.41 million tons between January and April this year to record 8.5 percent from a year earlier. The export growth rate had been at a negative 5.5 percent during the same period of last year.
Exports to the United States soared by 57.3 percent to 1.67 million tons, whereas those to China increased by 16.0 percent to 1.57 million tons to cause an inversion in the rankings.
Still, more import regulations are expected in the U.S. Market, and concerns are rising over a decrease in exports. According to the American Iron & Steel Institute, the U.S. imported 13.45 million tons of steel during the first four months of this year to record a 28.9 percent increase year-on-year. The largest exporters were Korean, Chinese, and Japanese companies.
Under the circumstances, the Alliance for American Manufacturing (AAM) called upon the U.S. government to come up with import control measures, claiming that the surge in the import of steel products from Asia affects the profitability of U.S. Steelmakers, while posing a threat to 580,000 jobs.