The United States Steel Industry
The United States Steel Industry
After years of restructuring, an investment of approximately $50 billion in new plant and equipment, the application of world-class manufacturing technologies and increased labor productivity, the United States steel industry is among the most competitive in the world. With the application of advanced technology, automation has replaced the more labor intensive practices of the past, making the industry energy efficient and environmentally responsible.
Despite the increased steel production within the United …
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…imports that are most heavily subsidized or dumped, the U.S. steel industry will be able to compete fairly.
An alternative approach that may be used is to limit steel imports through a Voluntary Restraint Agreement which may also preserve the U.S. steel industry. However, this approach may not be attractive for the industry because the government, not markets, determine the market shares and quota rents would go to the foreign governments or companies.
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