Philip K Bell, president of the Steel Manufacturers Association (SMA) testified at public hearing on the global steel industry scheduled by joint notice from the Office of the US Trade Representative and the US Department of Commerce.
There was also high-level participation from other government agencies, according to the SMA.
Bell commented on the impact of global steelmaking overcapacity on the US steel industry and its workforce and discussed potential policy solutions.
According to Bell, “This hearing facilitated an important discussion on the problem of global steelmaking overcapacity.”
He said it was now time for action, and for the United States to lead ‘constructive international efforts’ to limit new capacity and remove unneeded capacity.
Several senior executives from SMA member companies also testified during two days of hearings, including Barbara Smith, chief operating officer of Commercial Metals Company (CMC). In her testimony, Smith said, “These imports have no comparative advantage over US steel. But, they can be produced and sold without regard to profitability and shareholder returns.”
Smith said that the open US market ‘has been and will continue to be’ an ideal target to offload dumped and subsidised steel, ‘particularly given that many foreign producers’ alternative markets are struggling’.
Other key SMA leaders who testified included CMC’s CEO Mark Millet; John Coll, vice president, sales and marketing, from Gerdau; Burke Byer, president and CEO, and Jim Darsey, executive vice president of Nucor Corporation.