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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (171)	6/9/2001 9:33:07 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

June 6, 2001 Bush's Probe Into Alleged Dumping Could Lead to Curbs on Steel Imports By Kathy Chen and Clare Ansberry Staff Reporters of The Wall Street Journal public.wsj.com In the past two years, 18 U.S. steelmakers have filed for bankruptcy-court protection, nearly all citing low-priced imports as a key element in their downfall. Five of those steelmakers have completely shut down or are in the process of doing so, a significant factor in the estimated loss of more than 20,000 steelworker jobs since 1998. Other steelmakers have slashed jobs to cut costs and warned policy makers others could file for bankruptcy protection unless immediate trade action is taken. Though steel imports fell 31% in the first four months compared with last year, largely as a result of soft demand and prices, as well as successful antidumping cases, industry executives have stepped up their pressure in Washington. They said the high level of imports from 1998 through 2000 -- the three highest steel import years recorded -- effectively destroyed their ability to price steel at reasonable levels, and thus make money. Four of the nation's five largest steelmakers reported losses this year. U.S. prices of hot and cold-rolled sheet in April were down 32% and 25%, respectively, from a year earlier.