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End-of-Year Data Show China was Top Offshore Supplier of Finished Steel in ‘07

01/30/2008 - The United States imported a total of 1,977,000 net tons of steel in December 2007, a 15% decrease compared to final data for November according to the AISI.

The United States imported a total of 1,977,000 net tons of steel in December 2007, according to the latest report from the American Iron and Steel Institute (AISI). Total imports reflect a 15% decrease compared to final data for November.
 
The report, which is based on preliminary Census Bureau data, also shows that the total includes 1,583,000 NT of finished steel, a 19% decrease compared to final data for November.
 
Although full-year 2007 total and finished steel imports—at 33,217,000 and 26,562,000 net tons—declined by 27% and 26%, respectively vs. last year’s all-time record, total and finished steel imports in 2007 were up 4% and 5%, respectively, vs. 2005, also saw elevated import levels. 
 
The three largest suppliers of finished steel from offshore last year were China (4,595,000 net tons, down 14%), South Korea (2,004,000 net tons, down 28%), and Japan (1,480,000 net tons, down 13%). While steel imports from China declined modestly in 2007 vs. 2006, they were double China’s import total in 2005. Imports of line pipe and oil country goods from China each increased by 20% in 2007 vs. 2006.  
 
“Steel imports for the full year 2007 ended up relatively high, notwithstanding the decline from the 2006 record and the decelerating overall import levels seen in the second half of the year,” said Andrew G. Sharkey III, AISI President and CEO. “China, a non-market economy, remains the largest steel exporting nation in the world. Trade and market-distorting practices are still pervasive in the global steel sector. 
 
“Less-efficient steel producers in China and elsewhere continue to benefit from large-scale subsidies and other artificial competitive advantages,” continued Sharkey. “Under these conditions, AISI will closely monitor the steel import situation in 2008, and domestic steel producers will stay vigilant about dumped or subsidized imports of individual products from individual countries.”