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AIIS: U.S. Steel Imports Continue to Grow
10/28/2014 - U.S. steel imports continued their upward trend in September, increasing 5.2% over their August level, the American Institute for International Steel (AIIS) reports.
The 3.89 million tons of steel imported in September was 38% higher than the September 2013 amount.
Imports from Brazil and China showed the largest month-to-month increases, with the totals from both countries rising more than 43% to 451,000 tons and 327,000 tons, respectively. Imports from the European Union were up 10.2% to 647,000 tons, Canada 6.7% to 530,000 tons, Russia 15.3% to 496,000 tons, and Mexico 12.6% to 367,000 tons. Imports from South Korea decreased 14% to 388,000 tons.
For the first nine months of the year, imports increased 36% over the same period in 2013 to total 32.56 million tons. The biggest increase has come from Russia, which, notwithstanding the situation in Ukraine, has sent the U.S. 243% more steel this year, pushing its total to 3.64 million tons. Imports from the European Union and South Korea have both increased more than 42% to 5.13 million tons and 4.04 million tons, respectively. Imports from Canada have expanded 9% to 4.55 million tons, Brazil 16.2% to 3.55 million tons, Mexico 13.7% to 2.82 million tons, and China 69.5% to 2.35 million tons.
Semifinished imports totaled 945,000 tons in September, 46.7% higher than a year earlier. Year-to-date, though, semifinished imports are virtually unchanged from 2013 at 5.22 million tons.
The increase in imports this year has led to much gnashing of teeth in certain sectors where it is claimed, without evidence, that these purchases from abroad will bring harm to the U.S. economy. Actually, though, the opposite is true. The expansion of imports is a sign of – and contributor to – good economic health. Steel imports are up by more than a third this year because demand is increasing, which means business is thriving. And the ability to buy steel on the global market ensures that companies – and, further down the line, consumers – pay a fair price when it is not inflated by protectionist measures. This frees up funds for more capital investment and consumer spending, continuing the virtuous cycle of economic growth.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
Imports from Brazil and China showed the largest month-to-month increases, with the totals from both countries rising more than 43% to 451,000 tons and 327,000 tons, respectively. Imports from the European Union were up 10.2% to 647,000 tons, Canada 6.7% to 530,000 tons, Russia 15.3% to 496,000 tons, and Mexico 12.6% to 367,000 tons. Imports from South Korea decreased 14% to 388,000 tons.
For the first nine months of the year, imports increased 36% over the same period in 2013 to total 32.56 million tons. The biggest increase has come from Russia, which, notwithstanding the situation in Ukraine, has sent the U.S. 243% more steel this year, pushing its total to 3.64 million tons. Imports from the European Union and South Korea have both increased more than 42% to 5.13 million tons and 4.04 million tons, respectively. Imports from Canada have expanded 9% to 4.55 million tons, Brazil 16.2% to 3.55 million tons, Mexico 13.7% to 2.82 million tons, and China 69.5% to 2.35 million tons.
Semifinished imports totaled 945,000 tons in September, 46.7% higher than a year earlier. Year-to-date, though, semifinished imports are virtually unchanged from 2013 at 5.22 million tons.
The increase in imports this year has led to much gnashing of teeth in certain sectors where it is claimed, without evidence, that these purchases from abroad will bring harm to the U.S. economy. Actually, though, the opposite is true. The expansion of imports is a sign of – and contributor to – good economic health. Steel imports are up by more than a third this year because demand is increasing, which means business is thriving. And the ability to buy steel on the global market ensures that companies – and, further down the line, consumers – pay a fair price when it is not inflated by protectionist measures. This frees up funds for more capital investment and consumer spending, continuing the virtuous cycle of economic growth.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
