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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (1006)	1/17/2002 2:44:41 PM
From: craig crawford	Read Replies (1) of 1643

Supporting American Steel washingtonpost.com By John D. Rockefeller IV Tuesday, January 8, 2002; Page A17 Last month the International Trade Commission sent to President Bush recommendations that the administration impose a set of temporary tariffs on steel imports to give the U.S. industry breathing room to restructure. For decades the United States has maintained the world's most open steel market and forced its steel companies to play by market rules. Meanwhile, the rest of the world's governments extended lavish subsidies and other forms of support to their steelmakers. The United States became, in effect, the market of last resort for all the world's surplus steel capacity. This became untenable after 1997, when Asia's economic crisis dried up foreign markets and prompted steelmakers to swamp this country with their products. The result has been the biggest crisis in the history of the U.S. steel industry. Fully half the nation's major steelmakers have declared bankruptcy, and some -- such as LTV, the nation's third-largest integrated steelmaker -- have begun to liquidate their operations. Our steelmakers simply can't compete with subsidized foreign competitors operating in protected sanctuary markets. ............................................................................................................................... Some of the most vocal critics have been foreign steelmakers and their governments, especially in the European Union. European governments have built a web of formal and informal import restraints to ensure the world's excess steel capacity is shipped to the United States rather than Europe; European steelmakers have good reason to fear exposure to the same cutthroat international competition that has devastated the U.S. industry. Foreign steelmakers aren't interested in free trade or fair trade but in one-way trade ................................................................................................................................ The third party to this unholy alliance -- the free-trade ideologues here in Washington and other ivory towers -- seems to think the chaos in the steel market is a reflection of foreign steelmakers' competitive advantage. That is not supported by the facts. Some of the biggest import surges since 1998 come from countries, such as Russia, Brazil, South Korea and Ukraine, that have faced serious economic crises bordering on meltdown.

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