"The steel industry is feeling so much pain today because it's completely decoupled from the modest (U.S. economic) growth occurring," said Chuck Schmitt, chairman of the American Iron and Steel Institute and president of SSAB Americas, said during a press conference Thursday in Washington, D.C., according to Platts.  

Industry leaders have been in Washington this week, pressing for action to stem a flood of low-cost imports.

"We're not asking for any advantage," said United States Steel Corporation CEO Mario Longhi. "We're looking for fairness."

The executives also have been attempting to make a case against granting China market economy status. If granted that status, it will be near impossible to impose large and meaningful trade actions against the country, the steelmakers argue.
China, however, argues that it is due to be given that status in December 2016 as part of its ascension agreement to the World Trade Organization.

The steelmakers disagree.

"Under U.S. law there are criteria, six, by which China's status as a market economy should be judged. And we are just drawing the U.S. government's attention to that and asserting that China should not become a market economy," said Thomas Gibson, president and CEO of the Iron and Steel Institute.

A report commissioned by the institute and five other North American trade groups said the U.S. economy alone could lose 400,000 to 600,000 jobs if China is granted market economy status.