We know that restraints on steel imports during the 1980s and early 1990s hurt the American economy. The U.S. International Trade Commission found that quotas increase imports of steel-containing products, costing U.S. companies billions of dollars in sales. Quotas today would do the same. For several reasons, the U.S. is a net steel-importing nation. At current levels of demand in this country, U.S. steel producers cannot supply more than about 75 percent of our needs, leaving a shortfall of about 30 million tons.
Imports are absolutely necessary for the survival of American manufacturers.
They play a vital role in keeping America as a whole a strong international competitor - and they help to sustain our economic growth. This is a key reason why we urge a balanced view of the trade situation. In the past several months we have heard much about the condition of the U.S. steel industry - particularly the effects of imported steel. It is essential that the U.S. government's review of proposals for trade action be informed by a balanced and dispassionate understanding of the forces affecting the marketplace. The consensus outlook for the U.S. steel industry is for long-term growth.