Bill Sopko, who runs a factory that makes metal parts such as brake components in Euclid, Ohio, has to wonder. He wants to buy American steel. But Sopko was forced to buy from France and the Netherlands because his client, which makes heavy trucks, insisted the metal forged overseas was more durable. Even after LTV promised to match the competition, Sopko was stopped cold. LTV suddenly declared bankruptcy and couldn't deliver at a decent price.
Domestic steel is in crisis, again.
The slowdown in the economy has compounded the problem. Ten steelmakers, LTV among them, have declared bankruptcy since November. Even the nation's top two steelmakers, USX-U.S. Steel Group and Nucor, reported steep earnings drops last quarter. Help may come from an unlikely source. The Bush administration, despite its devotion to free trade, is considering imposing tariffs or other major limits on imports for a three-year period.