Kent Hoover – Washington Bureau Chief – Denver Business Journal
America’s energy production boom is turning into a bust for the domestic steel industry because foreign companies are dumping steel on the U.S. market at below-cost prices.
That’s according to a new report from theEconomic Policy Institute and the law firm Stewart and Stewart, which concluded that America’s 583,600 steel-related jobs are at risk if the federal government doesn’t step up enforcement of trade laws.
There’s a glut of steel in the world today, but instead of cutting back production, many foreign steel producers are state-owned or state-controlled, and they keep producing at full capacity in order to keep all their workers employed. America is a prime target for this excess supply, because of the size and openness of the U.S. market.