The United States, with its open market and high demand for steel, was an inviting prospect. In addition, many Asian currencies were depreciated, making foreign steel less costly to import to the United States. Crisis in the Asian markets was a short-term cause, however. The notion that the world has an inflated steel-making capacity is of more concern to the United States. Furthermore, in some countries, governments are willing to subsidize and otherwise bolster their steel industries, attempting to keep employment high and economies strong.
Countries sending steel to the United States include Russia, Japan, Korea, and Brazil.
Russia has emerged as one of the world's largest exporters of steel, partly because it had too much capacity from over-building during the Soviet years, and partly because the government still subsidizes its steel industry. In Japan, steel companies cooperate as well as compete. The country tries to limit imports, protecting domestic steel companies, and making above-average revenues. The revenues in turn can be used to sustain low-priced exports. The Korean government owns its country's largest steel-making company and offers various export subsidies.