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Steel Associations Urge Market-Driven Solutions to Economic Crisis
11/04/2008 - Representatives of five major NAFTA steel associations and the Latin American Iron and Steel Association urge Western Hemisphere governments to remain vigilant and firmly committed to strong enforcement of national trade laws against potential non-market behavior by offshore governments and producers.
Representatives of five major NAFTA steel associations recently met with representatives of the Latin American Iron and Steel Association (ILAFA) to discuss trade and other policy issues of common concern. NAFTA organizations participating in the discussion included the American Iron and Steel Institute (AISI), Steel Manufacturers Association (SMA), Specialty Steel Industry of North America (SSINA), Canadian Steel Producers Association (CSPA), and the Mexican Steel Producers Association (CANACERO).
Given the worsening conditions in the world economy and steel industry, the steel organizations of the Americas agreed that market forces and market-driven behavior are now more important than ever.
They expressed a shared concern that the severe deterioration in world steel market conditions poses a renewed and very serious threat of major steel trade distortions and of significant surges of both steel and steel-containing products to the Americas.
The steel associations urged all Western Hemisphere governments to remain vigilant and firmly committed to strong enforcement of national trade laws against non-market behavior by China and other offshore governments and producers.
They stressed that there is a big difference between “protectionism” and trade law enforcement to counter trade and market-distorting practices.
The organizations reaffirmed their strong support for the following principles:
- Effective national trade laws to counter trade-distorting practices by governments and producers, in particular, in non-market economies
- Eliminating government subsidies to steel and steel-related industries
- Private ownership of steel companies everywhere
- WTO-rules-based trade in raw materials, steel and downstream goods
- Ending investment restrictions in steel and related industries
