Trump Tightens Up Restrictions on Brazilian Steel Imports
According to Reuters, the country’s remaining 2020 quota for semi-finished steel is being reduced to 60,000 metric tons “in light of recent deterioration in market conditions brought on by the COVID-19 pandemic affecting domestic steel producers.”
The American Iron and Steel Institute (AISI) applauded the action, saying U.S. steelmakers are all the more vulnerable to import surges due to the coronavirus pandemic.
“While we are seeing some modest recent improvement in market conditions, the industry continues to face significant challenges due to the sharp drop in demand this year as a result of the pandemic,” said AISI interim president and chief executive Kevin Dempsey.
“So far in 2020, raw steel production is down 20% compared to the same period last year and steelmaking capacity utilization has only averaged approximately 66% this year so far, compared to nearly 81% during the same period last year,” he said.