Speaking during a panel discussion at the annual Steel Success Strategies conference in New York, Millett said he disagreed with Commerce Secretary Wilbur Ross’ assessment that steel prices have risen higher than the 25% tariffs possibly because of "illegitimate profiteering."

"There’s no reason for tariffs to increase the price of steel by far more than the percentage of the tariff, and yet that’s what has been happening," Ross told the Senate Finance Committee during a hearing last week, according to the Reuters news service. "That clearly is not a result of the tariff, that’s clearly a result of antisocial behavior by participants in the industry."

However, Millett argued that increases actually are reflecting underlying demand.

"We haven’t seen the real impact of 232," he said, noting that it has been only in the past six to eight weeks that have import levels have begun to erode.

"The price appreciation up to this point, in my humble opinion, has been demand driven.”

He said that although the industry’s average, across-the-board capacity utilization rate has been around 75%,  the flat-rolled sector has seen utilization rates of around 85% to 90%, and that, coupled with growing demand, is causing prices to rise.