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AIIS: U.S. Steel Imports Surge in April 2014
06/02/2014 - U.S. steel imports surged in April 2014, continuing a growth trend that has year-to-date imports more than one-fourth higher than at this time in 2013, the American Institute for International Steel (AIIS) reported.
The United States imported 3.73 million net tons of steel in April, 15% higher than the March level and 36% greater than April 2013 imports. Canada led all countries with 547,000 net tons of exports to the U.S., 13% higher than the previous month and 10% above April of last year. European Union countries exported 531,000 net tons to the U.S., 3% less than in March, but 11% higher than a year earlier. Steel imports from Russia were up, despite the crisis in Ukraine, growing 9% from March and 263% from last April to 505,000 net tons. Imports from China also increased sharply to 417,000 net tons, 107% higher than in March and 272% greater than in April 2013.
For the first four months of the year, imports were up 29% over the same period last year to 13.45 million net tons. Russia has shown the steepest growth, with imports from that nation up 284% to 1.8 million net tons. Only the European Union and Canada have sent more steel to the U.S. this year.
Steel imports have been in the news a lot lately, with some lawmakers advocating for protectionist actions by the Commerce Department and a well-publicized report claiming that steel from other countries is costing American jobs. The latest numbers may encourage more such declamations about the supposed negative effects of free trade. Steel imports, though, play a critical role in the United States. By diversifying its sources of steel, the U.S. is able to weather disruptions in domestic production, as have occurred at some mills in recent months, without the economy feeling a major impact. In addition, the ability to import quality steel at a lower price than is available domestically keeps costs down in multiple sectors, encouraging investment and promoting consumer spending. In short, when construction and automobiles cost less, the entire U.S. economy benefits.
Total steel imports in April 2014 were 3.725 million tons compared to 3.234 million tons in March 2014, a 15.2% increase, and a 36% increase compared to April 2013. For the year- to - date period, imports increased from 10.434 million tons in the first four months of 2013 to 13.450 million tons in the same 2014 period, a 28.9% increase. The data show that imported semi-finished products increased by 66.6% in April 2014 compared to April 2013, from 593 thousand tons in 2013 to 988 thousand tons in 2014, based on preliminary reporting. For the year-to-date period, imported semi-finished products decreased from 2.198 million tons in the first four months of 2013 to 1.752 million tons in the same 2014 period, a 20.3% decrease.
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.
For the first four months of the year, imports were up 29% over the same period last year to 13.45 million net tons. Russia has shown the steepest growth, with imports from that nation up 284% to 1.8 million net tons. Only the European Union and Canada have sent more steel to the U.S. this year.
Steel imports have been in the news a lot lately, with some lawmakers advocating for protectionist actions by the Commerce Department and a well-publicized report claiming that steel from other countries is costing American jobs. The latest numbers may encourage more such declamations about the supposed negative effects of free trade. Steel imports, though, play a critical role in the United States. By diversifying its sources of steel, the U.S. is able to weather disruptions in domestic production, as have occurred at some mills in recent months, without the economy feeling a major impact. In addition, the ability to import quality steel at a lower price than is available domestically keeps costs down in multiple sectors, encouraging investment and promoting consumer spending. In short, when construction and automobiles cost less, the entire U.S. economy benefits.
Total steel imports in April 2014 were 3.725 million tons compared to 3.234 million tons in March 2014, a 15.2% increase, and a 36% increase compared to April 2013. For the year- to - date period, imports increased from 10.434 million tons in the first four months of 2013 to 13.450 million tons in the same 2014 period, a 28.9% increase. The data show that imported semi-finished products increased by 66.6% in April 2014 compared to April 2013, from 593 thousand tons in 2013 to 988 thousand tons in 2014, based on preliminary reporting. For the year-to-date period, imported semi-finished products decreased from 2.198 million tons in the first four months of 2013 to 1.752 million tons in the same 2014 period, a 20.3% decrease.
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.
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