NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/07/19 - As per AISI, US steel imports reached an all time high in May 2007 as exports from countries like South Korea and China more than doubled.
Steel imports in US reached an all time high in May 2007 since shipments from countries like South Korea and China have increased drastically, as per American Iron and Steel Institute (AISI), an association of North American steel producers.
According to AISI, in May 2007, US imported an extra 3 Million Tons of steel than it exported overseas. Hence, the country’s steel imports in May 2007 were the highest as well as 13% more compared to imports in April 2007. Further, imports form China were also 85% more than the imports in April 2007.
China’s steel exports to US in May 2007 were around 500,000 Tons, compared to around 200,000 Tons exported in April 2007. Similarly, South Korea's steel exports to US rose by 18% to reach exports worth 206,000 Tons.
Andrew G Sharkey, III president & CEO of AISI in a statement published by SteelGuru on June 22, 2007, said, “the significant increase in May import, for China in particular, is a reminder that US remains an attractive market for the excess steel capacity of less efficient, subsidized foreign producers.”
In 2006, Chinese imports to US were as high as 45 Million Tons since shipments from the country saw a more than twofold increase. According to the two major steel producers in US, Nucor Corporation and US Steel Corporation, China's government illegitimately sponsors producers to boost the country’s local steel industry.
A recent report by RNCOS, “US Steel Industry Outlook (2007)” also stated that US steel imports are dramatically increasing. As per the report, in 2006, the US steel imports increased by 34% in terms of value.
The report also identified China as major potential steel importing country, which has the capability to export up to 50 Million Tons of steel to the world market. China steel industry’s estimated production capacity reached to 439 Million Tons in year 2006. This could ruin steel producers worldwide, also triggering the loss of substantial US steel-making capacity.
The report also addressed other interesting issues and facts like future potential of the US steel industry, key competitors in the industry, opportunities as well as major forces driving the industry.
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RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.